Bad advice may cost county $30,000
By SCOTT BRAND/The Evening News
Story created Nov 11, 2008 - 11:30:47 EST.
"SAULT STE. MARIE — Bad advice from the bonding attorney may wind
up costing the taxpayers of Chippewa County approximately $30,000
for the $3.1 million jail expansion project.
“He said we could borrow from the DTRF (delinquent tax revolving
fund),” explained County Administrator James German, identifying
Joel Peel of Miller Canfield, “and then he
switches his mind as we begin to make payments.”
German, who was hired on in March of this year, said the original
plan approved by Peel in 2007 had allowed the county to utilize
the DTRF to make payments, essentially buying time before the
millage monies came rolling in. The new plan, which calls for the
sale of capital improvement bonds, will wind up costing the county
$30,000 in transaction fees. German expressed the hope that
Miller Canfield would waive the transaction
fees associated with the new funding mechanism since the firm
was directly responsible for the increased cost."
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Miller Canfield and bad advice...something sounds familiar here
but let me think on this a bit and maybe I will make the connection.
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