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City Council Accepts Bond Bid

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Shreveport Mayor Cedric Glover, courtesy of City of Shreveport website
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.

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