2025 Annual Report to the Governor and Legislature
December 31, 2025
|
Municipality Name |
Original Loan Amount |
Capitalized Interest |
Original Loan Amount + Capitalized Interest |
Total Principal Payments |
Loan Balance |
Number of Loans and Loans Currently Outstanding |
|
Allen Park, City of |
$2,600,000.00 |
$0.00 |
$2,600,000.00 |
$2,600,000.00 |
$0.00 |
1 loan, 0 outstanding |
|
Benton Harbor Area Schools |
$13,100,000.00 |
$0.00 |
$13,100,000.00 |
$13,100,000.00 |
$0.00 |
5 loans, 0 outstanding |
|
Benton Harbor, City of |
$4,740,000.00 |
$0.00 |
$4,740,000.00 |
$4,175,000.00 |
$565,000.00 |
7 loans, 1 outstanding |
|
Buena Vista School District |
$2,016,110.00 |
$0.00 |
$2,016,110.00 |
$2,016,110.00 |
$0.00 |
1 loan, 0 outstanding |
|
Detroit, School District of the City of |
$150,000,000.00 |
$0.00 |
$150,000,000.00 |
$145,500,000.00 |
$4,500,000.00 |
1 loan, 1 outstanding |
|
Ecorse, City of |
$6,000,000.00 |
$0.00 |
$6,000,000.00 |
$4,000,000.00 |
$2,000,000.00 |
3 loans, 2 outstanding |
|
Flint, City of |
$7,000,000.00 |
$0.00 |
$7,000,000.00 |
$4,415,000.00 |
$2,585,000.00 |
1 loan, 1 outstanding |
|
Hamtramck, City of |
$7,020,027.29 |
$0.00 |
$7,020,027.29 |
$7,020,027.29 |
$0.00 |
7 loans, 0 outstanding |
|
Highland Park, City of |
$11,865,000.00 |
$0.00 |
$11,865,000.00 |
$10,425,000.00 |
$1,440,000.00 |
9 loans, 2 outstanding |
|
Highland Park, School District of the City of |
$7,410,000.00 |
$0.00 |
$7,410,000.00 |
$2,720,000.00 |
$4,690,000.00 |
2 loans, 2 outstanding |
|
Inkster, City of |
$3,000,000.00 |
$0.00 |
$3,000,000.00 |
$1,200,000.00 |
$1,800,000.00 |
1 loan, 1 outstanding |
|
Inkster, School District of the City of |
$12,474,336.65 |
$0.00 |
$12,474,336.65 |
$12,474,336.65 |
$0.00 |
1 loan, 0 outstanding |
|
Merrill, Village of |
$300,000.00 |
$0.00 |
$300,000.00 |
$300,000.00 |
$0.00 |
1 loan, 0 outstanding |
|
Muskegon Heights, School District of the City of |
$14,999,000.00 |
$0.00 |
$14,999,000.00 |
$14,999,000.00 |
$0.00 |
4 loans, 0 outstanding |
|
Pontiac, School District of the City of |
$20,000,000.00 |
$0.00 |
$20,000,000.00 |
$20,000,000.00 |
$0.00 |
2 loans, 0 outstanding |
|
River Rouge, City of |
$980,985.93 |
$0.00 |
$980,985.93 |
$980,985.93 |
$0.00 |
3 loans, 0 outstanding |
|
Wayne, County of |
$148,698,735.52 |
$14,902,443.30 |
$163,601,178.82 |
$110,508,057.04 |
$53,093,121.78 |
5 loans, 1 outstanding |
|
Total Municipalities |
$412,204,195.39 |
$14,902,443.30 |
$427,106,638.69 |
$356,433,516.91 |
$70,673,121.78 |
17 municipalities have received 54 loans; 8 municipalities have 11 outstanding loans |
|
Municipality Name |
Date of Loan |
Original Loan Amount |
Total Principal Payments |
Loan Balance |
Loan Term |
|
Benton Harbor, City of |
4/22/1981 |
$372,000.00 |
$372,000.00 |
$0.00 |
14.70% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
4/27/1981 |
$500,000.00 |
$500,000.00 |
$0.00 |
14.70% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
5/25/1981 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
14.276% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
8/6/1981 |
$450,000.00 |
$450,000.00 |
$0.00 |
14.70% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Benton Harbor, City of |
8/13/1981 |
$108,000.00 |
$108,000.00 |
$0.00 |
14.70% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Benton Harbor, City of |
5/24/1982 |
$800,000.00 |
$800,000.00 |
$0.00 |
14.276% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Highland Park, City of |
6/30/1982 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
14.276% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Highland Park, City of |
12/29/1982 |
$435,000.00 |
$435,000.00 |
$0.00 |
13.292% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
3/1/1983 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
10.548% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Highland Park, City of |
4/4/1983 |
$565,000.00 |
$565,000.00 |
$0.00 |
10.548% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Benton Harbor, City of |
7/6/1983 |
$500,000.00 |
$500,000.00 |
$0.00 |
9.968% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
3/13/1984 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
10.412% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Highland Park, City of |
3/13/1984 |
$865,000.00 |
$865,000.00 |
$0.00 |
10.412% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Hamtramck, City of |
3/19/1985 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
10.296% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Highland Park, City of |
3/28/1985 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
10.296% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Benton Harbor, City of |
7/1/1985 |
$320,000.00 |
$320,000.00 |
$0.00 |
8.60% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Benton Harbor, City of |
12/17/1985 |
$340,000.00 |
$340,000.00 |
$0.00 |
7.90% fixed interest, 20 years, interest only for first 10 years, interest rate renegotiated 4/30/1986 to variable rate |
|
Ecorse, City of |
2/27/1987 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
8.104% variable interest, 20 years, interest only for first 10 years |
|
Merrill, Village of |
12/17/1987 |
$300,000.00 |
$300,000.00 |
$0.00 |
5.904% variable interest, 20 years, interest only for first 10 years |
|
Wayne, County of |
7/21/1988 |
$61,906,209.53 |
$61,906,209.53 |
$0.00 |
Based on historical documents available, the ELB approval on 7/21/1988 was for $120,000,000; however, the County did not use the full amount. The first draw was for $61,906,209.53. Terms were 10.00% fixed interest, total years based on formula regarding PA 264 of 1987 Sec. 4 and 5(b). |
|
Wayne, County of |
11/29/1988 |
$7,034,674.60 |
$7,034,674.60 |
$0.00 |
Based on historical documents available, the ELB approval on 7/21/1988 was for $120,000,000; however, the County did not use the full amount. The second draw was for $7,034,674.60 (plus first draw of $61,906,209.53 = $68,940,884.13). Terms were 10.00% fixed interest, total years based on formula regarding PA 264 of 1987 Sec. 4 and 5(b). |
|
River Rouge, City of |
5/30/1990 |
$447,800.57 |
$447,800.57 |
$0.00 |
8.44% variable interest, 20 years, interest only for first 10 years |
|
River Rouge, City of |
6/7/1990 |
$125,000.00 |
$125,000.00 |
$0.00 |
8.44% variable interest, 20 years, interest only for first 10 years |
|
River Rouge, City of |
6/19/1990 |
$408,185.36 |
$408,185.36 |
$0.00 |
8.44% variable interest, 20 years, interest only for first 10 years |
|
Wayne, County of |
7/13/1990 |
$18,206,817.14 |
$18,206,817.14 |
$0.00 |
Based on historical documents available, the ELB approval on 7/21/1988 was for $120,000,000; however, the County did not use the full amount. The third draw was for $18,206,817.14 (plus first draw of $61,906,209.53 and second draw of $7,034,674.60 = $87,147,701.27). Terms were 10.00% fixed interest, total years based on formula regarding PA 264 of 1987 Sec. 4 and 5(b). |
|
Wayne, County of |
2/5/1991 |
$21,658,746.11 |
$21,658,746.11 |
$0.00 |
Based on historical documents available, the ELB approval on 7/21/1988 was for $120,000,000; however, the County did not use the full amount. The fourth draw was for $21,658,746.11 (plus first draw of $61,906,209.53, second draw of $7,034,674.60, and third draw of $21,658,746.11 = $108,806,447.38). Terms were 10.00% fixed interest, total years based on formula regarding PA 264 of 1987 Sec. 4 and 5(b). |
|
Wayne, County of |
12/22/1999 |
$39,892,288.14 |
$1,701,609.66 |
$53,093,121.78 |
Based on historical documents available, the ELB approval on 12/22/1999 was for $159,892,388.14; however, the County only used $39,892,288.14. Original terms were 5.532% variable interest, total years based on formula regarding PA 264 of 1987 Sec. 5(b), interest only for first 10 years. ELB Order #2010-11 dated 5/24/2010 amended terms, changed to fixed interest rate of 0.00% through 12/31/2039. $39,892,288.14 original loan amount - $65,847.55 principal payment 10/30/2008 + $14,902,443.30 capitalized interest from 1999-2009 - $1,635,762.11 principal payment transfers from Sec. 5(b) in 2016-2018 = $53,093,121.78 loan balance at 12/31/2025. |
|
Highland Park, City of |
5/19/2003 |
$1,000,000.00 |
$1,000,000.00 |
$0.00 |
Paid in full on 5/19/2022. 1.724% variable interest, 20 years, interest only for first 10 years |
|
Highland Park, City of (2005/06) |
9/19/2006 |
$1,000,000.00 |
$1,00,000.00 |
$0.00 |
4.135% variable interest, 20 years, interest only for first 10 years |
|
Highland Park, City of (2007/08) |
4/28/2008 |
$3,000,000.00 |
$2,400,000.00 |
$600,000.00 |
4.692% variable interest, 20 years, interest only for first 10 years |
|
Ecorse, City of (2009/10) |
2/19/2010 |
$3,000,000.00 |
$1,800,000.00 |
$1,200,000.00 |
0.373% variable interest, 20 years, interest only for first 10 years |
|
Ecorse, City of (2010/11) |
12/15/2010 |
$2,000,000.00 |
$1,200,000.00 |
$800,000.00 |
0.373% variable interest, 20 years, interest only for first 10 years |
|
Inkster, City of (2011/12) |
3/19/2012 |
$3,000,000.00 |
$1,200,000.00 |
$1,800,000.00 |
0.100% variable interest, 20 years, interest only for first 10 years |
|
Highland Park, School District of the City of (2012/13 SER I) |
8/16/2012 |
$4,410,000.00 |
$1,615,000.00 |
$2,795,000.00 |
Lowered fixed interest rate to 1.25% on 9/16/2021, original rate was 2.35%, 30 years, may be paid back sooner due to tax-intercept agreement |
|
Muskegon Heights, School District of the City of |
8/16/2012 |
Restructured 5/23/2018 |
$0.00 |
$0.00 |
2.45% fixed interest, 30 years, may be paid back sooner due to tax-intercept agreement |
|
Benton Harbor Area Schools |
9/17/2012 |
Restructured 7/11/2016 |
$0.00 |
$0.00 |
1.80% fixed interest, 4 years, loan was restructured 7/11/2016 |
|
Highland Park, School District of the City of (2012/13 SER II) |
1/18/2013 |
$3,000,000.00 |
$1,105,000.00 |
$1,895,000.00 |
Lowered fixed interest rate to 1.25% on 9/16/2021, original rate was 2.30%, 30 years, may be paid back sooner due to tax-intercept agreement |
|
Muskegon Heights, School District of the City of |
1/18/2013 |
Restructured 5/23/2018 |
$0.00 |
$0.00 |
2.35% fixed interest, 30 years, may be paid back sooner due to tax-intercept agreement |
|
Inkster, School District of the City of |
6/6/2013 |
Restructured 5/25/2016 |
$0.00 |
$0.00 |
2.75% fixed interest, 30 years, may be paid back sooner due to tax-intercept agreement, loan was restructured 5/25/2016 |
|
Buena Vista School District |
7/10/2013 |
$2,016,110.00 |
$2,016,110.00 |
$0.00 |
2.60% fixed interest, 3 years, may be paid back sooner due to tax-intercept agreement |
|
Benton Harbor Area Schools |
12/12/2013 |
Restructured 7/11/2016 |
$0.00 |
$0.00 |
2.65% fixed interest, 5 years, loan was restructured 7/11/2016 |
|
Benton Harbor, City of (2013/14) |
2/4/2014 |
$2,300,000.00 |
$1,735,000.00 |
$565,000.00 |
Lowered fixed interest rate to 1.20% on 9/16/2021, original rates was 2.80%, 15 years |
|
Muskegon Heights, School District of the City of |
4/28/2014 |
Restructured 5/23/2018 |
$0.00 |
$0.00 |
3.45% fixed interest, 30 years, interest only for first 10 years, may be paid back sooner due to tax-intercept agreement |
|
Pontiac, School District of the City of |
5/5/2014 |
Restructured 4/20/2016 |
$0.00 |
$0.00 |
2.75% fixed interest, 20 years, interest only for first two years, loan was restructured 4/20/2016 |
|
Allen Park, City of (2013/14) |
9/23/2014 |
$2,600,000.00 |
$2,600,000.00 |
$0.00 |
Lowered fixed interest rate to 1.20% on 9/16/2021, original rate was 2.30%, 10 years |
|
Hamtramck, City of (2013/14) |
9/23/2014 |
$2,070,027.29 |
$2,070,027.29 |
$0.00 |
Lowered fixed interest rate to 1.20% on 9/16/2021, original rate was 2.30%, 10 years |
|
Highland Park, City of (2013/14 SER I) |
9/25/2014 |
$3,000,000.00 |
$2,160,000.00 |
$840,000.00 |
Lowered fixed interest rate to 1.20% on 9/16/2021, original rate was 2.45%, 25 years |
|
Flint, City of (2014/15) |
4/29/2015 |
$7,000,000.00 |
$4,415,000.00 |
$2,585,000.00 |
2.09% fixed interest, 15 years |
|
Benton Harbor Area Schools |
7/22/2015 |
Restructured 7/11/2016 |
$0.00 |
$0.00 |
2.35% fixed interest, 5 years, interest only for first two years, loan was restructured 7/11/2016 |
|
Pontiac, School District of the City of |
7/22/2015 |
Restructured 4/9/2018 |
$0.00 |
$0.00 |
2.70% fixed interest, 20 years, interest only for first five years |
|
Pontiac, School District of the City of |
4/20/2016 |
Restructured 4/9/2018 |
$0.00 |
$0.00 |
2.75% fixed interest, 20 years, interest only for first five years, restructured loan dated 5/5/2014, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/20/2016 |
|
Benton Harbor Area Schools |
5/18/2016 |
Restructured 10/22/2019 |
$0.00 |
$0.00 |
1.75% fixed interest, 15 years, interest only for first five years |
|
Inkster, School District of the City of |
5/25/2016 |
$12,474,336.65 |
$12,474,336.65 |
$0.00 |
Paid in full on 5/2/2022. Lowered fixed interest rate to 1.30% on 9/16/2021, original rate was 2.75%, 27 years, interest only for first two years, may be paid back sooner due to tax-intercept agreement, restructured loan dated 6/6/2013, $12,474,336.65 original loan amount - $597,336.65 principal payments = $11,877,000.00 loan balance at 5/25/2016 |
|
Benton Harbor Area Schools |
7/11/2016 |
Restructured 10/22/2019 |
$0.00 |
$0.00 |
1.80% fixed interest, 10 years, interest only for first three years, restructured loan dated 9/17/2012, $2,000,000.00 original loan amount - $1,485,000.00 principal payments = $515,000 loan balance at 7/11/2016 |
|
Benton Harbor Area Schools |
7/11/2016 |
Restructured 10/22/2019 |
$0.00 |
$0.00 |
2.65% fixed interest, 10 years, interest only for first three years, restructured loan dated 12/12/2013, $2,000,000.00 original loan amount - $770,000.00 principal payments = $1,230,000.00 loan balance at 7/11/2016 |
|
Benton Harbor Area Schools |
7/11/2016 |
Restructured 10/22/2019 |
$0.00 |
$0.00 |
2.35% fixed interest, 10 years, interest only for first three years, restructured loan dated 7/22/2015, $1,400,000.00 original loan amount - $0.00 principal payments = $1,400,000.00 loan balance at 7/11/2016. |
|
Benton Harbor Area Schools |
7/11/2016 |
Restructured 10/22/2019 |
$0.00 |
$0.00 |
1.85% fixed interest, 15 years, interest only for first five years |
|
Detroit, School District of the City of (2016/17) |
7/22/2016 |
$150,000,000.00 |
$145,500,000.00 |
$4,500,000.00 |
Lowered fixed interest rate to 1.20% on 9/16/2021, original rate was 1.31%, 10 years, interest only for first six years |
|
Pontiac, School District of the City of |
4/9/2018 |
Restructured 9/28/2021 |
$0.00 |
$0.00 |
2.75% fixed interest, 30 years, interest only for first seven years. Restructured loan dated 5/5/2014, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/20/2016. Restructured second loan dated 4/20/2016, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/9/2018. |
|
Pontiac, School District of the City of |
4/9/2018 |
Restructured 9/28/2021 |
$0.00 |
$0.00 |
2.70% fixed interest, 30 years, interest only for first five years, restructured loan dated 7/22/2015, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/9/2018 |
|
Muskegon Heights, School District of the City of (2012/13 SER I) |
5/23/2018 |
$7,650,000.00 |
$7,650,000.00 |
$0.00 |
Paid in full on 6/17/2024. Lowered fixed interest rate to 1.30% on 9/16/2021, original rate was 2.45%, 30 years, may be paid back sooner due to tax-intercept agreement, restructured loan dated 8/16/2012, $7,650,000.00 original loan amount - $660,000.00 principal payments = $6,990,000.00 loan balance at 5/23/2018 |
|
Muskegon Heights, School District of the City of (2012/13 SER II) |
5/23/2018 |
$3,500,000.00 |
$3,500,000.00 |
$0.00 |
Paid in full on 6/17/2024. Lowered fixed interest rate to 1.30% on 9/16/2021, original rate was 2.35%, 30 years, may be paid back sooner due to tax-intercept agreement, restructured loan dated 1/18/2013, $3,500,000.00 original loan amount - $335,000.00 principal payments = $3,165,000.00 loan balance at 5/23/2018 |
|
Muskegon Heights, School District of the City of (2013/14 SER I) |
5/23/2018 |
$1,400,000.00 |
$1,400,000.00 |
$0.00 |
Paid in full on 6/17/2024. Lowered fixed interest rate to 1.25% on 9/16/2021, original rate was 3.45%, 30 years, interest only for first five years, may be paid back sooner due to tax-intercept agreement, restructured loan dated 4/28/2014, $1,400,000.00 original loan amount - $0.00 principal payments = $1,400,000.00 loan balance at 5/23/2018 |
|
Muskegon Heights, School District of the City of (2017/18 SER I) |
5/23/2018 |
$2,449,000.00 |
$2,449,000.00 |
$0.00 |
Paid in full on 6/17/2024. Lowered fixed interest rate to 1.70% on 9/16/2021, original rate was 2.70%, 30 years, interest only for first four years, may be paid back sooner due to tax-intercept agreement |
|
Benton Harbor Area Schools (2012/13 SER I) |
10/22/2019 |
$2,000,000.00 |
$2,000,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.20% on 9/16/2021, original rate was 1.80%, 21 years, interest only for first nine years, restructured loan dated 7/11/2016 which had previously restructured original loan dated 9/17/2012, $2,000,000.00 original loan amount - $1,485,000.00 principal payments = $515,000 loan balance at 10/22/2019 |
|
Benton Harbor Area Schools (2013/14 SER I) |
10/22/2019 |
$2,000,000.00 |
$2,000,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.40% on 9/16/2021, original rate was 2.65%, 30 years, interest only for first nine years, restructured loan dated 7/11/2016 which had previously restructured original loan dated 12/12/2013, $2,000,000.00 original loan amount - $770,000.00 principal payments = $1,230,000.00 loan balance at 10/22/2019 |
|
Benton Harbor Area Schools (2014/15 SER I) |
10/22/2019 |
$1,400,000.00 |
$1,400,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.25% on 9/16/2021, original rate was 2.35%, 28 years, interest only for first four years, restructured loan dated 7/11/2016 which had previously restructured original loan dated 7/22/2015, $1,400,000.00 original loan amount - $0.00 principal payments = $1,400,000.00 loan balance at 10/22/2019. |
|
Benton Harbor Area Schools (2015/16 SER I) |
10/22/2019 |
$3,300,000.00 |
$3,300,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.40% on 9/16/2021, original rate was 1.75%, 29 years, interest only for first two years, restructured loan dated 5/18/2016, $3,300,000.00 original loan amount - $0.00 principal payments = $3,300,000.00 loan balance at 10/22/2019 |
|
Benton Harbor Area Schools (2016/17 SER I) |
10/22/2019 |
$4,400,000.00 |
$4,400,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.40% on 9/16/2021, original rate was 1.85%, 29 years, restructured loan dated 7/11/2016, $4,400,000 original loan amount - $0.00 principal payments = $4,400,000 loan balance at 10/22/2019 |
|
Pontiac, School District of the City of (2013/14 SER I) |
9/28/2021 |
$10,000,000.00 |
$10,000,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.40% on 9/16/2021, original rate was 2.75%, 30 years, interest only for first seven years. Restructured loan dated 5/5/2014, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/20/2016. Restructured second loan dated 4/20/2016, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/9/2018. Restructured third loan dated 4/9/2018 and lowered interest rate to 1.40%, $10,000,000.00 original loan amount - $205,000.00 principal payments = $9,795,000.00 loan balance at 9/28/2021 |
|
Pontiac, School District of the City of (2014/15 SER I) |
9/28/2021 |
$10,000,000.00 |
$10,000,000.00 |
$0.00 |
Paid in full on 5/1/2024. Lowered fixed interest rate to 1.40% on 9/16/2021, original rate was 2.70%, 30 years, interest only for first five years, restructured loan dated 7/22/2015, $10,000,000.00 original loan amount - $0.00 principal payments = $10,000,000.00 loan balance at 4/9/2018. Restructured second loan dated 4/9/2018 and lowered interest rate to 1.40%, $10,000,000.00 original loan amount - $800,000.00 principal payments = $9,200,000.00 loan balance at 9/28/2021 |
