LANSING, Mich. (AP) — The Michigan Legislature has finalized a bill that would lengthen the financing period of inland lake projects in the wake of flooding that damaged dams and lakes in the Midland area.
The legislation would extend, from 10 years to 40 years, the maximum maturity date of bonds issued to pay for lake-level control projects.
Special assessments are levied on lakefront properties and “back lots” with lake access.
The change would let project costs — such as restoring four dams and lakes in Midland and Gladwin counties — be spread out over more time and made more manageable for property owners.
