Port Huron’s municipal bonds officially hit the open market this week. Port Huron City Manager James Freed was joined by city council members and other city staff in announcing the sale of $53-million worth of bonds Wednesday afternoon. It’s all to help pay for underfunded pension and healthcare costs for city retirees. Speaking to WPHM’s Paul Miller, Freed says Port Huron has become the model for other cities in similar situations. “What has been done has never been done in the State of Michigan,” said Freed. “This is the largest municipal restructure since Detroit.” The City Manager says the bonds were sold at a historically low interest rate of 2.9-precent. He says it means the city will save about $2-million a year on interest alone, likening it to refinancing a home mortgage. The issuance of the bonds were made possible by legislation that passed in the state legislature in 2018 and was signed into law by Governor Snyder before leaving office last year.
