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Benton Harbor officials to seek short-term loan as cash flow tightens
Summary
Acting City Manager Oscar Warren told the Personal Finance Committee the city is preparing to borrow $1 million to cover a cash shortfall driven by unexpected water-plant and legal bills; Treasury would intercept state shared revenue and the resolution must be in place by May 18 to access funds by early July.
Acting City Manager Oscar Warren told the Benton Harbor Personal Finance Committee that the city plans to borrow $1,000,000 to smooth a cash shortfall caused by unanticipated legal bills and emergency water-plant expenses.
"What we're looking at doing is borrowing 1000000 dollars," Warren said, describing a package to be handled through the municipal finance authority that would be amortized and secured, in part, by intercepting state shared revenue.
Why it matters: Warren said several unexpected obligations—including costs tied to court-ordered water-plant work, enforcement fines, and cleanup bills—have eroded available…
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