What was New Orleans funding with the now-cancelled bonds?

Operating cost.

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So basically funding operations instead of one-time events such as infrastructure projects.

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It’s kind of amazing what happens when you spend a century voting against the city’s interest, allow crime to explode, denigrate the majority of your historic community, and run off your tax base.

New Orleans was destined for a decline from its heyday of 200 years ago - the gateway to the Mississippi doesn’t have the financial power it used to, but it should still be one of the wealthiest cities in the South and the most prosperous tourist-based city in the country. But, we just had to frick it all up. C’est la vie.