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State gives Muskegon Heights schools $3.5M loan

The state has given Muskegon Heights Public Schools a $3.5 million loan to help the school district pay its debts.
AP Wire
Feb 2, 2013

The loan under the state's Emergency Municipal Loan Act is the second one the district has received. The state loaned the district $7.6 million in August 2012.

A financial emergency in the city prompted the appointment of emergency financial manager Donald Weatherspoon, who ordered the school district to stop providing educational services at the end of the last school year. He also laid off most of the district's staff.

The district has up to 30 years to pay off the loan, which carries an initial 2.35 percent interest rate.

Comments

ohreally

How does this ever get paid if a charter school academy now "owns" the district? Doesn't the per pupil allowance go completely to a private company who was relieved of the district's debt?

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