F Flint Water Crisis Public Archive

Matthew Bowman

Financial Specialist at Bureau of State and Authority FInance / Treasury

11

Emails

Mar 2012–Mar 2015

Archive range

11 emails found.

Flint Drinking Water Loans

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Please find attached the executed version of the Emergency Manager Memorandum for the City of Flint’s Drinking Water loans. We are still in the process of obtaining the MFA and DEQ signatures on the restructuring agreement, and will send the executed version when available. If you have any questions, please do not hesitate to contact me. Thanks, Matt Bowman Bureau of State and Authority Finance Michigan Department of Treasury [email protected] 517.335.6102 xxxEND_PAGE:treasury01_b31_4719_5108_316 CITY OF FLINT OFFICE OF THE EMERGENCY MANAGER cea Fo Fe see Gerald Anibrose Emergency Manager

RE: Flint loans

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Sonya, The restructuring actually has a positive effect with respect to state match due to additional interest being paid by Flint over the remaining life of the loans. The restructuring is fairly simple in that roughly $2.2 million in principal payments due this calendar year are being spread over the remaining life of the loans. There is no extension of the final maturity and interest will still accrue and be paid this calendar year. It is also worth mentioning the $2.2 million deferral will be repaid in as near equal amounts as we could manage, rounded to a $5,000 increment. There is a small reduction in the pace of recycling and in turn capacity, but in the context of the overall program it has little to no impact. As mentioned, to effectuate the restructure, the loan repayments are being modified. Please let me know if you need anything else. Thank you John

RE: Flint loans

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Date: Thursday, March 19, 2015 3:50:09 PM Sonya, The restructuring actually has a positive effect with respect to state match due to additional interest being paid by Flint over the remaining life of the loans. The restructuring is fairly simple in that roughly $2.2 million in principal payments due this calendar year are being spread over the remaining life of the loans. There is no extension of the final maturity and interest will still accrue and be paid this calendar year. It is also worth mentioning the $2.2 million deferral will be repaid in as near equal amounts as we could manage, rounded to a $5,000 increment. There is a small reduction in the pace of recycling and in turn capacity, but in the context of the overall program it has little to no impact. As mentioned, to effectuate the restructure, the loan repayments are being modified. Please let me know if you need anything else. Thank you John

Flint loans

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Matt & John T understand that the Flint loans will be restructured per the Governor's office. I am concerned about the impact this will have on the DWRF especially the capacity available in the fund to use for state match. Can you share the details of how the loans will be restructured such that the available capacity is not affected nor the loan repayments? Sonya T. Butler, Chief Revolving Loan Section Office of Drinking Water & Municipal Assistance Michigan Department of Environmental Quality 525 W. Allegan | Lansing, MI 48933 @ 517.284.5401 xxxEND_PAGE:deq04_b409_4652_4653_1 xxxEND_PAGE:deq04_b409_4652_4653_2

Flint loans

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Date: Thursday, March 19, 2015 3:27:58 PM Matt & John T understand that the Flint loans will be restructured per the Governor's office. I am concerned about the impact this will have on the DWRF especially the capacity available in the fund to use for state match. Can you share the details of how the loans will be restructured such that the available capacity is not affected nor the loan repayments? Sonya T. Butler, Chief Revolving Loan Section Office of Drinking Water & Municipal Assistance Michigan Department of Environmental Quality 525 W. Allegan | Lansing, MI 48933 @ 517.284.5401 xxxEND_PAGE:deq04_b088_3239_3239_1

RE: Flint Drinking Water Loans

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Follow Up Flag: Follow up Flag Status: Flagged Matt, Thanks for sending this along. Wayne and | have previously discussed this, | don’t have any concerns. Note - I’m copying Ann here because she'll be taking over these PA 436 approvals going forward, keeping her in the loop. Two things we will need before we can finalize: 1) Please place on City of Flint letterhead 2) The EM should sign the request letter so it’s clear that he’s supportive before we ask Kevin so sign (see attached example from Detroit) In terms of timing, Kevin is out of pocket all afternoon on Friday. So, if you can get us the aforementioned changes by tomorrow, that would be optimal. Thanks! Ashley

Flint Drinking Water Loans

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Ashley, As you are probably aware, we are in the process of amending the City of Flint’s four Drinking Water loans through the MFA to provide some up-front cash relief. To accomplish this, the Treasurer will be required to give his approval on the attached memo. Please let me know by tomorrow if you have any concerns with this approval. The tentative pian is to have all the documents signed on Friday. If you have any questions, please let me know. Thanks, Matt Bowman Bureau of State and Authority Finance Michigan Department of Treasury [email protected] 517.335.6102 xxxEND_PAGE:treasury01_b31_4719_5108_250 ba Coreatan A. YOUNG Muntcipan Canrar 2 Woopwarb Avs,, Sure 1126 Darrorr, MICHtOAN 48226 PRONE 3£3°22403703 City of Detrorr FAX 31392244433 Oreice op THE EMercency MANaeR WWW. DETROITMI.GOV MEMORANDUM

FW: City of Flint Part I application for DWRF loan#7310-01: 4Q FY2012

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John or Matt, Just double-checking to see if you got this earlier note reprinted below. Do you foresee a concern about the LAFD etc. for Flint that would require extra early attention? Let me know if you have any questions, but please respond to me or Sonya if you can. If there might be a problem, perhaps it could be discussed at a future MFA/DEQ joint meeting? Thanks, David David J Worthington, Project Manager Department of Environmental Quality Resource Management Division Revolving Loan Section Phone: (517) 373-4728 Fax: (517) 335-0743 E-mail: