EM Authorizes Restructuring of Bonds to Free Up Funds to Improve Water Quality
Flint Emergency Manager Jerry Ambrose has authorized the restructuring of four outstanding Drinking Water Revolving Fund bonds in an effort to free up money to improve the city's water quality. According to a news release from the city, the postponing of the current principal payments would free up $2.24 million to help pay for recommended improvements to Flint's water treatment and distribution system. A final report from Veolia, an outside water consultant, has said it will cost more than $3 million to make the changes. Final approval from the State Treasurer is required before the restructuring can occur.