Report: State wants feds to write off interest in debt for New Orleans area levee system

Report: State wants feds to write off interest in debt for New Orleans area levee system
New Orleans area levees as seen on the U.S. Army Corps of Engineers National Levee Database. (Source: NOLA.com)

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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