BENTON HARBOR-NBD
F&M Bank has turned down
Benton Harbor City's request
to borrow S9OO,OOO.
The city requested the
m ey after pecial • on
of the city commission on
April 30, 1987 pproved the
loan effort.
According to a letter dated
April 29, F&M Vice President
Brian Smith sent to Harold
Anderson, city finance direc­
tor, there re two reasons
for the denial.
First' the fact that your
plans were to reduce expendi­
tures and increase revenues,
thus eliminating or minimjzjng
a e
oday
Count'
n.
The d te i ednesday, ay
13th. Get quainted time i
7:00 p.m. program 7:30 p.m.
in ounder Hall Community
H pital atervliet, i. Re­
freshrnent will be rved and
the publi i invited.
•
I
5
08
the need to continue thiS type
of borrowing," Smith wrote.
"It' apparent from your
projections that significantly
before our note would be paid
the City would be encounter­
ing additional sizable deficit
that would need to be
resolsed," Smith continued.
"Secced, . is our under-
anding that the State of
Michigan shares similar con­
cerns, and made their con­
tinued fiscal assistance condi­
tional to certain changes that
may need to be adopted by
the City,· the letter continued.
ith its expertise in
municipal law, experience with
similar difficult situations, and
the last resort nature of the
Emergency Loan program,
believe the State of Michigan
is a better source of . ce
to you at this point than are
depositor funds might
provide," Smith concluded.
The city had hoped to use
its anticipated payment of
Revenue Sharing funds from
the state collateral for the
loan.
'Sources reveal the city is in
danger of payless paydays.
The city has borrowed $25
million in emergency loans
from the state in period be­
tween 1981 and 1985.
Recent r�uesm from the
state Emergency Loan Board
have been denied.
Both the city auditors and
consultants hired by the city
have warned the city within
the last . months th t it faces
severe financial problems.
Both have advised the city to
cut spending and raise
revenues.
SURVIVORS OF CRIME SELF-HELP GROUP
The Survivors of Crime Self-Help Group ill meet on
Tuesday, y 12 at 7:00 p.m. anuel ontoya, area're­
presentative for Lifecall security systems will demon tr te
monitoring system a a resource of 24-hour protection.
All victim parents of child victims and rviving relative
of victims who died s a result of crime are elcome to attend
free, weekly meetings. For meeting locations or other infor­
mation contact Linda Cramer at the Center for Self-Help at
983�343 in St. Jo ph.
ay
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