City projects in limbo after financial advisor vote - KSLA News 12 Shreveport, Louisiana News Weather & Sports

City projects in limbo after financial advisor vote

SHREVEPORT, LA (KSLA) -

The ball is now in the Mayor Cedric Glover's court after Shreveport City Council members voted down a resolution that would allow the city to continue working with its current financial advisor, Grigsby and Associates.

The City council voted 6-1 in Friday's meeting.

After the meeting, Glover told KSLA News 12 that "The fight is not over" and also tweeted "Series of disappointing votes from today's Shreveport Council."

"We have some very critical financial decisions that need to be made in the near future," says Council Member Sam Jenkins.

Council Member Sam Jenkins says now many city bond projects are on hold without a financial advisor. He says projects like the 2011 Bond Issue, refinancing the bonds on the convention center hotel, and revenue bonds on sewerage all need financial advisor to oversee them.

"There could be some very detrimental consequences for the city of Shreveport if we run out of time on some of those obligations," says Jenkins.

The company Grigsby and Associates has run into some trouble in the past.

According to the financial regulatory group FINRA, years ago Grigsby was charged with public corruption and conspiracy, embezzlement, and theft of funds. These charges were dismissed. In 2011, Grigsby's company was fined $12,000 for failing to report sale transactions and fined for failing to report its net worth.

We have contacted Calvin Grigsby for a comment but have not received a response.

Copyright 2013 KSLA. All rights reserved.

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