Flint EM Asking for $7 Million Loan to Eliminate Deficit

Flint Emergency Manager Jerry Ambrose is asking City Council to approve a $7 million loan request that would help the city eliminate its deficit and focus on building financial solvency.

According to a news release from the city, Ambrose is asking the city council to approve the request. The funds, if approved, would come from the Michigan Local Emergency Financial Assistance Loan Board. The loan would not exceed 15 years, have an interest rate of less than 3% and have annual payments less than $600,000.

The resolution was discussed at Wednesday's Finance Committee of the City Council. The final action will be considered at the regular City Council meeting on Monday, April 13th.