The Benton Harbor school district has been granted a two million dollar emergency loan by the state. On Tuesday, the Emergency Financial Assistance Loan Board announced that the money's been approved for the district's operating expenses, with the stipulation that all expenditures be reported to the Michigan Treasury Department. Treasury spokesperson Terry Stanton tells WSJM that the Emergency Loan Board was sufficiently satisfied with what Benton Harbor Superintendent Doctor Leonard Seawood told it at a recent meeting to grant the money:
The district had asked for six million dollars in emergency money, but has only been granted the two. Stanton says that it can ask the Emergency Loan board for the other four million again after the first of the year. For now, this two million dollar loan is expected to be paid back within four years, at an interest rate of one point eight percent.
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The district had asked for six million dollars in emergency money, but has only been granted the two. Stanton says that it can ask the Emergency Loan board for the other four million again after the first of the year. For now, this two million dollar loan is expected to be paid back within four years, at an interest rate of one point eight percent.
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