New Orleans leaders are eyeing tapping a rainy day fund to cover city payroll through the end of the year after the city abandoned its push for a $125 million loan amid threats of a state takeover of the city’s finances.

The city’s rainy day fund – otherwise known as the Savings Fund – holds around $37 million, and can only be used with a two-thirds vote of the City Council in certain circumstances under the city charter.

At least five of the council’s seven members – Lesli Harris, Joe Giarrusso, Eugene Green, JP Morrell, and Oliver Thomas – said in Thursday interviews that they’d be willing to dip into the fund to alleviate the current cashflow crisis , though some said they’d be more in favor of going down other avenues first.

Officials and economic experts have long argued that t

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