NEW ORLEANS (WGNO) — In an attempt to address the city's $160 million deficit, the New Orleans City Council passed an ordinance to create a dedicated fund to account for money provided by the bond commission, if it approves the city's $125 million loan request.

Councilman Joe Giarrusso says this will reassure lawmakers that the money will not be mismanaged.

"I think it goes a long way to showing the public as hopefully as well as the state, our commitment to accountability, transparency and guardrails,” said Giarrusso.

"All hands are on deck, we will meet this challenge, we will get out of this mess,” said Mayor-Elect Helena Moreno.

Moreno says by allowing the legislative auditor to see where money is going it will show state lawmakers that there is no waste and that certain levels of

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