Slidell Council Bets on Feds

The Slidell City Council has decided to allocate $10 million of bonds approved by voters in October toward street repairs in hopes that the federal government will give the city $16 million that it can use for flood protection projects.

Voters approved the 20-year general obligation bonds to finance street and drainage projects in the New Orleans suburb. The council voted last week to devote all of the bond proceeds to the street projects, with the federal funds allocated to drainage improvements.

Mayor Ben Morris told council members that the city has been assured by U.S. Sen. David Vitter’s office that it will receive $16 million from the Federal Emergency Management Administration to finance work on four drainage projects in the area.

If the city does not receive the federal funding, Morris said Slidell would spend $3 million on street improvements and $7 million on two drainage projects.

Slidell has identified 40 street and drainage projects costing a total of $43 million.

The city’s GO debt is rated AA-minus by Standard & Poor’s.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER