Michigan lawmakers approve $1 billion borrowing plan for Flint water settlement

Michigan lawmakers approve $1 billion borrowing plan for Flint water settlement
Associated Press
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Flint Water Plant
LANSING, Mich. (AP) - Michigan legislators have finalized a plan to borrow $600 million to finance the state’s proposed settlement with the residents of Flint, whose water was contaminated with elevated levels of the neurotoxin lead.
The legislation received House approval on 105-3 and 104-4 votes Wednesday. It would authorize a loan from a state economic development fund, costing more than $1 billion to repay over 30 years -- or $35 million annually.
The legal settlement is believed to be the state government’s largest ever, pending approval from a federal judge. The legislation now heads to Gov. Gretchen Whitmer for her signature.

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