Posted: Jun 12, 2013 8:54 AM by AP
HOUMA, La. (AP) - Due to an unstable market, the Terrebonne Levee District opted to delay selling $97 million in bonds to raise immediate money for local work on the Morganza-to-the-Gulf levee system.
Terrebonne Levee Director Reggie Dupre tells the district had planned to move forward with the sale Tuesday, but sharp increases in interest rates in the bond market this week made the move too risky.
Morganza is a system of levees and floodgates designed to protect Terrebonne and Lafourche parishes from storm flooding.
The Levee District aims to bond out a portion of revenue from the 1/2-cent sales tax Terrebonne voters approved in December. The 28-year tax for Morganza will raise $330 million for levees. Repayment of the debt will be over 25 years.