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State approves $8 million bond for Flint
- Details
- By Dawn Jones
- Tuesday, March 15, 2011
- Hits: 558
The State Administrative Board approved Flint's $8 million fiscal stabilization bond request this morning (March 15) in Lansing. The Flint City Council must now approve the issuance of the bond.
The bond will help the city address its projected cash flow deficits for the remainder of this budget year and next. The bond will also cover part of the city's current operating deficits that previously were $17 million across all funds.
Mayor Dayne Walling was in Lansing for the announcement.
"This is great progress toward a balanced budget and a more stable financial situation for the city of Flint," said Walling. "The approval of this bond demonstrates that state and local government can work together to address financial challenges."
(Note: This report is provided as a service to our readers and a service to the group or individual mentioned in the release. Usually, only minor editing is done. The group or individual is responsible for all information provided.)
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