Post by Logan on Feb 7, 2017 20:51:02 GMT -6
Macomb County commissioners are being asked to approve up to a $20-million, low-interest loan agreement between the county and the Macomb Interceptor Drain Drainage District for expenses stemming from the sewer interceptor collapse in Fraser.
The request will be discussed during a commission meeting Thursday, the same day the board is expected to extend a county state of emergency through March 16 for the sewer collapse and resulting sinkhole along 15 Mile Road that was discovered on Dec. 24.
"It's a line of credit. We're just gonna draw it as we need it," Macomb County Public Works Commissioner Candice Miller told the Free Press today. "We'll float a bond before (the loan is due)."
The proposed agreement states that the county "shall advance from, time to time, upon borrower's request" up to $20 million to the district, which oversees the interceptor.
Read more: www.freep.com/story/news/local/michigan/macomb/2017/02/07/macomb-county-loan-sewer-collapse-sinkhole-fraser/97600008/
The request will be discussed during a commission meeting Thursday, the same day the board is expected to extend a county state of emergency through March 16 for the sewer collapse and resulting sinkhole along 15 Mile Road that was discovered on Dec. 24.
"It's a line of credit. We're just gonna draw it as we need it," Macomb County Public Works Commissioner Candice Miller told the Free Press today. "We'll float a bond before (the loan is due)."
The proposed agreement states that the county "shall advance from, time to time, upon borrower's request" up to $20 million to the district, which oversees the interceptor.
Read more: www.freep.com/story/news/local/michigan/macomb/2017/02/07/macomb-county-loan-sewer-collapse-sinkhole-fraser/97600008/