Louisiana

The mayor-elect expects the reductions in staff will reduce payroll by $27 million.

The city council president hopes the panel will override the mayor's veto of the budget this week.

The bonds are to be used for a variety of projects aimed at recovering from multiple natural disasters that struck Lake Charles in 2020 and 2021.

The changing climate is increasing insurance rates for residents and cities and lowering property values in areas that face more frequent and intense disasters.

While the plan of reorganization says bondholders will get 100% of principal, it won't be for 12 years. And they will lose some interest.

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

Moody's cited narrowing financial flexibility and declining debt service.

The deal offers a better recovery than earlier deals but no principal payment for 12 years.

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

Recently enacted tax policy changes will help the state's finances, Fitch said.

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.

Attorneys for the Archdiocese said it is "inevitable" bondholders will be hit with a cramdown.

The rating agency expects the school to post an operating deficit this year.

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

Moody's cited the school's weakening liquidity levels in its downgrade.

The city council president is concerned about state bond commission approval.

Among those approved is a $117 million variable rate demand bond expected to be marketed late this year.

The Southeast's states rely on federal funds more than those in other regions and analysts warn those funds may be ending shortly if the shutdown continues.

The rating agency cited narrowing reserves and the expectation that the city will experience declining revenues next year.

The East Baton Rouge Sewerage Commission plans to achieve savings by refunding taxable bonds with tax-exempts.