Residents of a Michigan community where a school district closed are on the hook for its $6.6 million in debt.
The Saginaw News reports ( ) businesses and residents of Saginaw County's Buena Vista Township will pay for at least two years.
Gov. Rick Snyder signed a law last year laying the groundwork for two deficit-ridden Michigan school districts to be closed and for students to be sent to schools nearby. They included Buena Vista School District, which has been closed since July.
The district has a projected deficit of more than $4 million and $2.5 million remaining on a bond to be repaid to the state. Next year, district residents also must decide whether renew a tax to help fund repayment. If that fails, the state could impose a tax.