The state will again borrow the cash needed to make its annual payment to the New Orleans Saints, thanks to a loan arrangement approved Monday, though it's unclear how that borrowing will be repaid or how the state will meet its future obligations to the NFL team.
The state has struggled to pay the Saints for the past few years and has yet to repay the cash it borrowed from an economic development fund last year to make its payment. This time, the state will borrow $10.5 million through a financing mechanism it hasn't used for at least a decade.
Members of the State Bond Commission, which approved the plan Monday, said there were few options available since the Legislature adjourned last week without approving a new tax source for the Saints payment or setting aside dollars in the state's budget to make the latest payment, due July 5.
"We have an obligation that we have to live up to. Some of us may not agree that it's the best contract, but it's a contract we have to live up to. The full faith and credit of the state is behind it," said Sen. Diana Bajoie, D-New Orleans.
May 2005 - New Orleans Saints Wiretap
?Runaway Receiver? Hakim Signs One-Year Deal With The Saints
Free agent wide receiver Az-Zahir Hakim finally signed with a team on Wednesday, agreeing to a one-year deal with the New Orleans Saints.
Hakim originally agreed to a deal with Kansas City only to back out at the last second.
"He is an established player who has shown he can be an important part of an offense throughout his career," Saints general manager Mickey Loomis said Tuesday. "We wanted to add a proven veteran to the mix at the position and we have with this move
Gandy Has An Ally In Saints QB Brooks
The New Orleans Saints have been putting pressure on offensive lineman Wayne Gandy to take a pay cut or the coming season to which Gandy has declined. Gandy is set to make $5.25 million this coming year.
Now, in his stand against management, Gandy has an ally in his quarterback Aaron Brooks.
"I think the guy deserves every penny of it." Said Brooks about Gandy.
Gandy even has coach Jim Haslett in his corner.
"I think that besides being a heck of a football player he does a lot for this team off the field," coach Jim Haslett says.
Expect Hakim To Sign With Saints Soon
Wide receiver Az-Zahir Hakim has reached an agreement with the New Orleans Saints and is expected to sign soon.
Hakim nearly signed with the Kansas City Chiefs, only to back out at the last minute. Some speculated he actually did sign the contract, however, that rumor appears to be false.
Questioned on Friday as to whether Hakim had signed the contract, and then the Chiefs were forced to release him, coach Dick Vermeil said: "Almost."
Leaving Vermeil At The Altar For The Big Easy
Veteran free-agent wide receiver Az-Zahir Hakim on Friday afternoon backed out of a contract agreement with the Kansas City Chiefs, a deal that would have reunited him with head coach Dick Vermeil.
It is believed that Hakim, who had recently visited with New Orleans officials, will now sign with the Saints.
"Az and his agent got together and they really felt his best situation was not here for him," Vermeil said following Friday's mini-camp practice, a session in which Hakim did not participate. "Then he and I discussed it. I told you all along that I wanted what was best for him, and I think he's going to end up in New Orleans."
Hakim, 28, played the first two seasons of his NFL career under Vermeil, with the St. Louis Rams, who chose him in the fourth round of the 1998 draft. The two men forged a solid friendship and that relationship continued even after Vermeil temporarily retired from the NFL.
Various media outlets, including ESPN.com, reported earlier this week that Hakim, who had verbally agreed to a one-year contract last week, had signed the deal. Asked Friday if Hakim had, indeed, signed the contract and then been released when he reconsidered it, Vermeil replied, "Almost."
Saints? Smith Will Not Face Charges For Alleged Pellet Gun Incident
The Hillsborough County State Attorney?s Office opted not to bring charges against New Orleans Saints Dwight Smith regarding the an incident where the safety allegedly pulled a pellet gun on two fans who approached his car outside a fast-food restaurant. The Attorney?s Office was unable to determine whether or not Smith was the person actually holding the gun.
Saints Brown Ends Holdout; Still Seeking New Contract
New Orleans Saints' cornerback Fakhir Brown ended his holdout on Friday, however, he is still looking for a new contract. Brown goes into the minicamp minus his starting position.
"I planned on being here all along," Brown said. "This is mandatory. This is where I want to be. Hopefully, something gets done. I don't regret anything I did. I want a new deal. But I've got to take care of business. I know the starting job isn't mine anymore. I know they had to move on. I understand that. Hopefully, I can earn it back."
Saints Tax Proposal Stalls In House
The $15 million tax package to support the New Orleans Saints has been put on hild again as law makers argue with Gov. Kathleen Blanco over fundamental aspects of the plan.
Blanco has said any money toward a current or future Saints deal with the state must come from the local market. Many lawmakers outside the metro area are hostile toward the team and toward the use of any general state revenue to help the NFL franchise.