Eastpointe City Council Agenda Packet 2026-05-19
State revolving fund loan for sewer upgrades
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Description
Eastpointe plans to issue up to $4,995,000 in Water and Sewer System Junior Lien Revenue Bonds, Series 2026, to be purchased by the Michigan Finance Authority under its Clean Water State Revolving Fund program. The 30‑year loan will fund sanitary sewer rehabilitation with about 13% principal forgiveness at a 2.00% interest rate.
Contract Details
Contract Amount
Not to exceed $4,995,000 (loan principal; ~13% forgiven, $633,750) at 2.00% interest
Vendor
MICHIGAN FINANCE AUTHORITY
Agency
City of Eastpointe, MI
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
Expected 30 annual principal installments, October 1, 2028 – October 1, 2057, with loan closing July 16, 2026
Renewal Date
2057-10-01
Renewal Info
Single 30‑year junior lien revenue bond; no renewals contemplated, callable only with MFA consent.
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