Correspondence among

Ed: I spoke with Pete Bade, who forwarded a copy of the proposed EM order. As John indicated, reliance is being placed upon § 12(1)(x) of the Act. State Treasurer approval would be required, but due to § 12(1)(x), not due to any dollar value. Fred

Fred, OFR staff believes that the restructuring of the debt would not need City Council approval. However, because the amount is over S50K we believe it would require the Treasurer's approval. Do you agree? Ed Edward 8. Koryzno, Jr. | Director - Bureau of Local Government Services State of Michigan | 430 W. Allegan Street, 3rd Floor | Lansing, MI 48922 (517) 373-4415 | (517) 373-0633 (fax) KoryznoE@michigan.gov Baa Think Green! Don't print this e-mail unless you need to. CONFIDENTIALITY NOTICE: This e-mail, and any attachments, is for the sole use of the intended recipient(s) and may contain information that is confidential and protected from disclosure under the law. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail, and delete/destroy all copies of the original message and attachments. Thank you

So, no new borrowing or issuance of debt is to occur? This is merely a restructuring of terms, such as a change in the maturity date?

| believe the provision referenced is 12(1)(x) of PA 436: Enter into agreements with creditors or other persons or entities to restructure debt on terms, at rates of interest, and with security as shall be agreed among the parties, subject to approval by the state treasurer.