Emergency Municipal Loan Act Annual Report

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

$2,100,000.00

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

$356,443,516.91

$70,673,121.78

17 municipalities have received 54 loans; 8 municipalities have 11 outstanding loans

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