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BAY CITY, MI — Bay City is looking to take out over $3 million in bonds to replace aging lead service lines in the city. However, city officials anticipate the amount will be forgiven.
The Bay City Commission approved a resolution during the Monday, Dec. 6 meeting that authorized a “notice of intent to issue bonds” for a total of $3,015,000. The funding is through the Drinking Water State Revolving Fund (DWSRF) loan program from the state. These funds will be utilized to continue the replacement of lead service lines in the city, according to the agenda.
While Bay City utilizes the loan program, it is anticipated the $3 million loan will be forgiven due to the community’s classification as a “financial disadvantaged” community, according to the city. The agenda item states there should be no required repayment of the amount being borrowed from the revolving fund loan program.
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