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Iberia council decision to remove $1.8M loan from parish budget - KATC.com | Continuous News Coverage | Acadiana-Lafayette

Iberia council decision to remove $1.8M loan from parish budget does not forgive Cajun RVera debt

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The Iberia Parish Council voted on Wednesday night to remove the $1.8 million in "loans receivable" from the parish budget.

Iberia Parish President Larry Richard says that vote does not forgive the loan given to the Acadiana Fairgrounds Commission to build the Cajun RVera. Richard says the vote only adjusts the budget to show the actual amount of money in the parish coffers. 

The fairgrounds commission has been unable to make payments, according to Richard. He says that leaving the line item in the budget would result in a "misleading overstatement" of parish funds available which would adversely affect the parish's bond rating.

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