Get The Facts: How the State Bond Commission process works amid city's push for payroll solution

NEW ORLEANS —

The New Orleans City Council has voted to seek approval from the State Bond Commission to borrow $125 million to address the city's budget crisis and ensure payroll is met for the rest of the year.

The city has retained the state's top bonding attorney, Jason Akers. Advertisement

Akers explained how the process will work once the emergency meeting is held.

"This is a short-term fix, this is merely gap funding," Akers said. "So what I think you heard at the council meeting is that you have a motivated current and future administration who all want to solve this problem going forward and assume this is only a short-term solution and we are on stable footing in upcoming years."

The city expects to secure the funds and meet payroll for the remainder of the year.

However, w