Saginaw County Commissioners are considering selling up to $4.7 million in bonds to help the Saginaw County Mental Health Authority.
Commissioner Dennis Krafft says part of the bond money would make a $2.8 million balloon payment on a bank loan for the purchase of the former Germainia Platz on Wheeler, south of Gratiot. Another $1.8 million would pay for needed upgrades at the Germania building and at the Saginaw County authority’s headquarters, at 500 Hancock Street.
The Frankenmuth Republican said having Saginaw County sell the bonds would get a lower interest rate.
The resolution passed Tuesday, sets in place a 45-day opportunity for a possible petition drive to call for a public referendum on allowing the bond sale.
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