The New Iberia City Council restored part of a previous millage cut Tuesday, to ensure the city can pay the notes on bonds it issued years ago, the Daily Iberian reports.
The .5-mill increase restores only part of a 4-mill cut made by the council back in 2013, the newspaper reports.
The council followed the advice of its bond attorney, who told them several weeks ago that the city wouldn’t be able to pay the notes on its bonds if the millage wasn’t increased. The bonds were issued in 2002 to construct a sewer plant and improve sewer systems, the newspaper reports.
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