The Van Buren Township Board of Trustees will meet in special, closed session at 1 p.m. on Friday, Oct. 5, to discuss what to do about the Visteon bonds.
The board will meet as a work/study session just long enough to vote to go into executive session and then go into its closed-door meeting.
The posting said the board will go into executive session: “To discuss an attorney-client privileged written opinion letter concerning Visteon.”
The board met in a similar closed session on Sept. 17, following a resolution passed by the Local Development Finance Authority (LDFA) board on Sept. 11 asking the township board to work with it on the Visteon bond problem.
The LDFA recommended giving Visteon a deadline to work out a program with VBT to meet the future bond payments or the township board should file suit against Visteon.
LDFA chairman Michael Dodson came to the Sept. 16 township workshop session to underline the importance of tending to the Visteon problem, but he was not included in the executive session.
The full faith and credit of VBT guarantees payment of the bonds that were sold to support construction of Visteon Village. Now, studies show the tax money to pay the bonds will not be enough in a few years and the township could have to levy a tax on its property owners to cover the bond payments.