$8 Million Stabilization Bond Approved For Flint 3-15-2011 - WNEM TV 5

$8 Million Stabilization Bond Approved For Flint 3-15-2011

The State Administrative Board approved the city of Flint’s $8 million Fiscal Stabilization Bond request early Tuesday morning.
The bond will help the city address its projected budget deficits for the remainder of this budget year and next, city officials said.
The bond will also cover a portion of the of the city’s current deficits that previously stood at approximately $17 million.
"This is great progress toward a balanced budget and a more stable financial situation of the city of Flint,” Mayor Dayne Walling said. “The approval of this bond demonstrates that state and local government can work together to address financial challenges.”
The state has declined to act on the city's previous request to borrow the funds, despite Flint officials expressing concerns that the city wouldn't be able to cover its employee payroll in March.
The City Council must now approve the issuance of the bond.
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