Parish borrows money to pay bills

By Suzanne Le Breton
Published on Friday, February 17, 2006 2:20 PM CST

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St. Tammany News

MANDEVILLE - Parish President Kevin Davis said St. Tammany is starting to really feel the financial impact of Hurricane Katrina.

He recently informed the Parish Council that he had to borrow $10 million from a local institution to pay bills.

Suzanne Parsons Stymiest confirmed that Davis had in fact borrowed $10 million from Hibernia National Bank on Dec. 22 to pay money owed for debris pickup.

Davis said the parish got into a budget crunch last month when the bills for debris started piling up.

The Federal Emergency Management Agency is reimbursing the parish for the cost of debris cleanup through July, but as Davis pointed out, the parish must pay the bill first and then file for reimbursement, something that often takes a while.

The parish was approved to borrow $12 million through the federal government's Community Disaster Loan program. Stymiest said so far the parish has sought out $2 million of that loan money to pay for operational costs.

At the Jan. 5 Parish Council meeting Davis said he was anticipating another reimbursement check from FEMA, and once the parish receives that check it would be still out of pocket $25 million for debris pickup. With piles of debris still out on the streets, Stymiest said debris cleanup will go on for at least another month.

The Parish Council will vote on an ordinance to sell $10 million in revenue anticipation notes. Stymiest said those will be paid back when the parish is reimbursed the money from FEMA.

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Comments

6 comment(s)

debbie wrote on Nov 2, 2011 10:41 PM:

" erica was a really good friend of mine i miss her soo much its been almost 6 yrs and i still think about her alot i wish it didnet end up this way i wish she never went with them people but thats not going to change anything rip erica "

TraDrika SHockley wrote on Aug 22, 2011 8:46 PM:

" i so miss my sister. i think about her everyday. i cant think straiqht without u crystal i love u very much even thouqh we were jus friends u were my little sister
iiLy SO MUCH SIS
BoTToMs Up!! "

Goog Person wrote on Sep 7, 2010 7:21 PM:

" Your Uncle James killed three People. "

T.Jackson wrote on Dec 25, 2009 6:45 PM:

" My Uncle James was a kind man. During Hurricane Katrina, he was giving people cash to buy gas. He was a pillar in the Pearl River/Slidell Community and he will be GREATLY missed.
Love you Uncle, your favorite neice Tracey. "

Levibluez wrote on Dec 10, 2008 8:44 PM:

" I think I know this guy from childhood. Had brothers dean, earl, karl and sister brenda? "

animal wrote on Aug 24, 2008 2:27 PM:

" We need a new story on here.......... "

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