Shreveport City Council rejects $35 million bond proposal
City council originally postponed the proposal after a 3-3 vote caused a heated debate
SHREVEPORT, La. (KSLA) - Shreveport City Council voted against opening a $35 million line of credit for the city in a 3-4 vote on Tuesday.
Councilman Grayson Boucher, district D, said he did not think it was a good idea.
“For us just to borrow $35 million and pay the attorney fees and the fees to start the loan, even if we don’t borrow one cent, we’re still going to be in more debt than when we started," Boucher told KSLA before the meeting.
However, councilman Jerry Bowman Jr., district G, said the money would have been a safety net for the city to fall back on.
“If we didn’t use it, we can give it back,” he said after the meeting. “It was pennies on the dollar for the interest we would’ve paid back.”
Tension filled the last city council meeting following a 3-3 vote for the proposal, as councilmembers debated its importance.
Mayor Adrian Perkins, who proposed the $35 million credit, said sales tax revenue could see a decline as unemployment benefits stop.
However, during that meeting, John Nickelson said 2020 has not seen any sales or property tax revenue shortfalls, so far.
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