From the Times-Picayune:
BATON ROUGE - Mayor Ray Nagin pledged Monday that he and other citizens of New Orleans rather than state and national officials would be the lead planners in rebuilding the Crescent City, even as the town copes with cash shortages and a dispersed population unsure of when or whether they will return.
In a wide-ranging discussion at the state capitol with city council members and state lawmakers representing New Orleans, Nagin said the city had spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff.
"Technically today we’re out of cash," Nagin said. "The city is bankrupt … We have no money."
