City Council Accepts Bond Bid

The City of Shreveport has taken another major step toward selling millions of dollars worth of bonds. The city council has accepted a bid from J-P Morgan Securities to buy $81-and-a-half million worth of general obligation bonds. This represents about half of the $175-million bond issue approved by voters in April to make major infrastructure improvements -- especially to the city's water and sewer systems. J-P Morgan was one of three companies bidding to buy the bonds and had the lowest interest rate -- 3-point-99 percent. Mayor Glover says the low interest rate validates his contention that the city is on solid financial ground and well-positioned to incur additional debt.