ATLANTA -- Marking the first major legislative victory for New Orleans' recently elected Mayor Marc Morial, Louisiana lawmakers last week passed a bill that increases the city's general obligation debt limit by about $90 million.

Under Senate Bill 15, sponsored by Sen. Dennis Bagneris, D-New Orleans, the city will be able to base its bond ceiling on 10% of assessed property valuation. The method, used by other local governments in the state, will raise New Orleans' bond limit from $500 million to about $590 million, according to city officials.

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