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$600 Million Flint Water Settlement Borrowing Plan Approved By Lawmakers

“LANSING, Mich. — Michigan legislators on Wednesday 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 and will be signed by Democratic Gov. Gretchen Whitmer. It would authorize a loan from a state economic development fund, costing more than $1 billion to repay over 30 years — $35 million annually. The legal settlement is believed to be the state government’s largest ever, pending approval from a federal judge.

Other defendants contributing to the $641 million deal include the city of Flint and McLaren Flint Hospital, which each will pay $20 million, and Rowe Professional Services Co., ran environmental consulting company that will pay $1.25 million.”

David Eggert reports for the Associated Press December 17, 2020.