LAKE CHARLES, La. (AP) — A southwestern Louisiana city is borrowing $10 billion to jumpstart work on an estimated $20 million in needed drainage improvements.
The American Press reports that Lake Charles City Council members voted 6-0 Wednesday for the borrowing, which will be repaid over 10 years with a 1.9% interest rate.
Mayor Nic Hunter said the city will seek reimbursement from the Federal Emergency Management Agency for the $10 million in drainage improvements. If that reimbursement comes quickly, plans to borrow a second $10 million for drainage needs might not be necessary, Hunter said.
The city has hired engineering consulting firm Hunt, Guillot and Associates to help with the efforts to seek FEMA reimbursement.