City of New Orleans

City Council President Jean-Paul Morrell said Mayor LaToya Cantrell had engaged in a "breathtaking abdication" of her job.

The city said it needed the money to be able to make payroll in November and December.

Louisiana State Treasurer John Fleming indicated he is open to compromise on the nature of state oversight for the city, which may have trouble making payroll.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

The state plans to price the bonds in early October.

While it may cost the city more to sell its bonds, the negative outlook could increase market participation, one analyst said.

The increasing number and frequency of cyber attacks against municipalities is a cause for credit concern, S&P Global Ratings says.

"It was a misguided effort from the beginning to ever use the Bond Commission and any of the work that it does to send a political message to anyone for any reason," said Gov. John Bel Edwards.

Rising construction costs coupled with the Great Resignation means New Orleans is receiving fewer bids on its RFPs, Mayor LaToya Cantrell said.

This is the second time S&P Global Ratings placed New Orleans on negative CreditWatch due to long delays in publishing audited financial statements.

Alex Wiggins, CEO of the New Orleans Regional Transit Authority, said it will be looking at a combination of bond authority and public-private partnerships to help pay for transportation infrastructure projects.

The bulk of the IIJA money will flow first to the states, so cities need to be organized and ready to work with governors, White House Infrastructure Coordinator Mitch Landrieu told the U.S. Conference of Mayors.

KeyBanc Capital Markets priced tax-exempt bonds that will fund more than 300 units in Clayton County, Georgia, with the help of a Fannie Mae finance program.

The city faced significant challenges finishing its annual comprehensive financial report as a result of a cyberattack, an overhaul of financial systems and managing through the COVID-19 pandemic.

Louisiana and NASA are looking at creating a “Space Campus” in New Orleans out of an existing NASA assembly facility to drive economic development.