Dive Summary:
- The Bay City Commission in Michigan has announced that the city could sell $15 million in bonds to fill a trough of additional money budgeted to its electric utilities.
- A month ago, regulators approved bill increases at an average of $2.95 per month to similarly help with utility finances.
- It is expected that the sale of the bonds would fix the municipality's financial issues for "the next several years."
From the article:
Phil Newton, Bay City’s electric department director, said Monday’s measure will allow the city to keep those rates from increasing at a higher rate.
“This is part of the whole package,” Newton said of the $15 million bond sale. “Our reserves are where they’re about to go down to zero, so we needed this money to replace the reserves.” ...