Please send check forthwith....
I thought I had a copy of that agreement between I guess it was Barden and the SEA or the state over the promised payments, but maybe not. I do have a copy of the SEA Bond at issue. The big thing that I still find curious was the debate that flared up briefly over the state's ambiguous status guaranteeing this bond. It wasn't clear to me at least at the time, but it turns out it the state is backstoping the payments. But then why did the bond need bond insurance. Oh, nevermind.
Looks like it could get ugly and headed to court. Not much middle ground. $7.5 million now or in 3 years looks like the issue. I am unclear if the dispute extends to the other payments the casino is expected to make such as to the city, county, and other groups. You would wonder how the SEA is getting by without these payments, but they have the proceeds of the bond net of what has been spent thus far on construction so I presume it's not a cash issue for the time being.
But some general public finance notes:
Talk is escalating of a potential chapter 9 bankruptcy for the Detroit Public School system which would be historic I think. Not sure when the last large school system went bankrupt.
But also there is a new one. There has been plenty of coverage of the financial miasma at the Jefferson County (Alabama) Sewer system.. but it looks like the actual Jefferson County government down there is heading toward bankruptcy as well.