Michigan Department of Treasury officials discussed with Hamtramck officials by phone this morning ways it can avoid bankruptcy.
Hamtramck officials were given three options, including taking out an emergency loan for up to $3 million which could be paid back over 20 years; a tax anticipation loan which would allow the city to borrow up to half of whatever it anticipates collecting in property taxes next year, or going for a fiscal stabilization bond.
Hamtramck officials were given three options, including taking out an emergency loan for up to $3 million which could be paid back over 20 years; a tax anticipation loan which would allow the city to borrow up to half of whatever it anticipates collecting in property taxes next year, or going for a fiscal stabilization bond.
Comment