Terrebonne Levee District closes on bonds

HOUMA, La. (AP) - Terrebonne Levee District officials closed on $96.1 million in bonds Tuesday.

The Courier reports the bond revenue will be used to enclose some of the last major vulnerabilities in Morganza. That includes a gap at the lowest level of the system at the bottom of Lake Boudreaux between Little Caillou and Dulac.

Morganza is a system of levees and floodgates designed to protect Terrebonne and Lafourche parishes from storm flooding.

The bond money will come from the 1/2-cent sales tax Terrebonne voters approved in December. The 28-year tax for Morganza will raise $330 million for levees. Repayment of the debt will span over 25 years.