NEW ORLEANS, LA – In a scene described by witnesses as “half financial hearing, half apartment leasing office,” the State Bond Commission approved New Orleans’ $125 million emergency loan Wednesday, but only after the city produced a current phone bill and proof of residence to verify it still exists as a stable financial entity.
Mayor-elect Helena Moreno led the delegation, arriving with council members and a folder of documents normally associated with renting a studio apartment above a daiquiri shop. The folder reportedly included a phone bill paid “within the last 60 days,” a utility statement with the city’s name on it, and a letter from a neighbor confirming New Orleans “lives here full-time and does not intend to move.”
State officials said the added requirements were necessary due to New Orleans’ “credit situation,” which one staffer quietly described as “the fiscal equivalent of someone who keeps getting denied by Boost Mobile.”
Legislative Auditor Mike Waguespack, who already has personnel stationed inside City Hall, said the documentation was a “positive step,” noting it was the first time in months the city produced a bill not labeled ‘FINAL NOTICE.’
Attorney General Liz Murrill said future loans may require New Orleans to provide two pay stubs and a reference from someone “not currently under federal investigation, under indictment, or in LaToya Cantrell’s contact list.”
