Posted: Jun 20, 2013 7:34 AM by AP
The Terrebonne Levee Board has approved the sale of $95.8 million in bonds to raise immediate money for work on the local Morganza-to-the-Gulf levee system.
The bond revenue will be used to enclose some of the last major vulnerabilities in Morganza. That includes a gap at the lowest level of the system at the bottom of Lake Boudreaux between Little Caillou and Dulac.
The board approved the sale on Wednesday.
Morganza is a system of levees and floodgates designed to protect Terrebonne and Lafourche parishes from storm flooding.
The bond money will come 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 span over 25 years.