Report: State wants feds to write off interest in debt for New Orleans area levee system
NEW ORLEANS (WVUE) -Louisiana officials want the federal government to forgive the interest the state owes for The New Orleans Area Levee System, according to a report by our partners NOLA.com | The Times-Picayune.
Louisiana owes interest on just over $1 billion for it’s share of the levee system rebuilt after Hurricane Katrina.
If successful, it could save residents nearly $2 billion in interest, as the state repays the principal over the next three decades.
A meeting on the issue between the U.S. Army Corps of Engineers and the Office of Management and Budget will likely take place in March or April, according to the report.
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