State legislature approves the plan to finance a $600M settlement with Flint residents

Michigan

LANSING, Mich. (WLNS) – State lawmakers have finalized the plan to borrow $600 million to pay for the proposed settlement with Flint residents over drinking water contaminated with lead.

It’s estimated to be the biggest legal settlement in the history of the state. The bills passed by the Michigan House today would authorize the loan from a state economic development fund. That loan will be repaid over 30 years for $35 million a year, meaning it will cost more than a billion dollars to pay off.

The proposed settlement between the state and citizens of Flint still needs to be approved by a federal judge.

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