Green Oak Township may start requiring developers to post a bond if they want the township to issue bonds to pay for infrastructure in new developments and then pay off the bonds with special assessments collected in the future.
Now that these special assesment aren't being paid and townships are having trouble making payments to the county for onds, isn't it a little late to start this policy? Republican incumbents on the Livingston County Commission insist there's nothing they could have done to prevent this crisis, which has led to proposed legislation seeking a state bailout for the county. Previous press accounts have said as many as half of Livingston County's townships may have trouble making payments on their bonds. Since the county backed the bonds, county taxpayers are on the hook.
But it appears there is something the Livingston County Commission could have done -- not backed the bonds unless the townships required developers to post a bond.