Kenner approved for $47M bond issue - FOX 8 WVUE New Orleans News, Weather, Sports

Kenner approved for $47M bond issue

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KENNER, La. (AP) - The State Bond Commission has approved Kenner's plan to borrow $47 million to refinance old debt and spruce up parts of the Jefferson Parish city.

The Times-Picayune reports the commission's approval came over objections raised by members of Citizens for a Better Kenner, who asked the panel to delay or reject the bond issue due.

Kenner Mayor Mike Yenni announced plans to issue the bonds earlier this year as a way of financing projects at 10 sites.

But Richard Brown, a member of Citizens for a Better Kenner, objected, saying the city filed its application with the commission before the City Council voted on the matter and that there are no final plans on how the money would be spent.

Brown and Citizens for a Better Kenner President Walt Bennetti asked the commission to delay or reject the proposal.

"There's no reason to rush it," Brown said.

The commission must approve municipal bond issues, but its members typically are reticent to step into local political matters.

The proposed bond issue has two parts. First, the city would pay off about $14 million in bonds issued in 2003. The rest of the money would be used for a wide variety of projects including beautification, lighting, bicycle paths and some traffic and drainage work.

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Information from: The Times-Picayune, http://www.nola.com 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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