Stories indexed with the term ‘bond repayment’

County Board OKs Sylvan Twp. Contract

At its July 11, 2012 meeting, the Washtenaw County board of commissioners authorized a contract with Sylvan Township related to debt repayment on water and sewer bonds. It’s another attempt to establish an arrangement under which Sylvan Township will repay the county for covering bond payments – contingent on Sylvan Township voters approving a millage.

In May of 2012, the county had picked up a $175,000 interest payment that the township couldn’t afford to make, related to $12.5 million in bonds that were issued 11 years ago – and backed by the county’s full faith and credit – to build a water and wastewater treatment plant in the township. The treatment plant in Sylvan Township that was intended for future development. Under a previous contract with the … [Full Story]

Bond Repayment Contract OK’d with Sylvan

At its Oct. 5, 2011 meeting, the Washtenaw County board of commissioners gave initial approval to a contract with Sylvan Township related to the township’s bond repayment schedule. The township has been struggling to make payments on $12.5 million in bonds issued in 2001 to build a water and wastewater treatment plant intended to serve future development. The township expected that connection fees would cover the bond payments, but the development never materialized.

Now Sylvan Township – located west of Ann Arbor, near Chelsea – is facing default on its bond payment in May 2012, which the county will need to cover. The township board voted to put a proposal for a 4.75 mill, 20-year tax on the November 2011 … [Full Story]