Benton Harbor officials turn to local banks for help with deficit
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Posted: 9:43 PM Mar 16, 2010
Benton Harbor officials turn to local banks for help with deficit
Benton Harbor, MI
Benton Harbor officials are looking for ways to balance a $4.1 million deficit and they're turning to local banks to help out with loans.
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Benton Harbor officials are looking for ways to balance a $4.1 million deficit and they're turning to local banks to help out with loans.

According to our reporting partners at the Herald Palladium, City Manager Ronald Carter Jr. is negotiating with banks on a $5 million loan.

Rather than going into debt to the banks, Carter says the loans would be through long-term certificates of deposit, the interest on which would cover most of the debt on the loan.

Opponents say the loans may not be legal without state permission, especially since the state could take over the financially-strapped city.
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