Michigan to Sell Bonds to Finance Flint Water Settlement

Michigan said it will issue private activity bonds through its economic development authority to help finance the legal settlement over the lead contamination of the water supply in the majority-Black city of Flint.

The $641 million settlement will consist of roughly $35 million a year in payments to victims for up to 30 years with money borrowed through the Michigan Strategic Fund, an economic development body, by the newly-created Flint Water Advocacy Fund, according to a statement from Michigan Attorney General Dana Nessel. This comes after a federal judge granted preliminary approval to the settlement in January.

Flint’s water ...