Two bond sales for Canton Township were combined, and received a favorable 1.7 percent interest rate earlier this month.
The township Capital Improvement budget will save some $130,000 a year each year, over the life of that bond, officials said during a recent meeting.
“So it's basically free money,” said township Supervisor Pat Williams, following an Oct. 6 township board of trustees approval vote. Trustee Sommer Foster was absent.
At that meeting, Williams said the revote was “on an issue that we voted on previously,” a bond authorizing resolution. The vote means $16 million for the Capital Improvement plan for 2019 through 2023.
At that meeting, which took place at the Cherry Hill Village Theatre, bond counsel Eric Sabree explained the procedures, including a “commonly used” bond sales newspaper for such announcements. The Canton Board of Trustees had earlier voted on bond money use, but a Michigan Supreme Court recent ruling impacted Zoom/remote meetings compared to in-person gatherings.
The selling of bonds was due at 11 a.m. that morning, Oct. 6, and took place on time, with township Finance and Budget Director Wendy Trumbull also taking questions.
Canton joins other municipalities in returning to in-person municipal meetings. Williams noted “hybrid” meetings with some continued use of Zoom as well as in-person.
“The Canton Township government continues to function,” he said.
