Interest Rate Secured; Construction Begins
Bond Interest Rate Finalized
The Bank ICD Drainage District secured a bond with an interest rate of 5.68% to fund the project. Assessments will be spread over 30 years with interest and placed on your winter taxes beginning this year (2025). Property owners can pay off their assessment, along with any interest that has accrued, at any time. If you wish to pay off your assessment in full, please contact your county drain commissioner to confirm the total assessment and interest amount to date. If you do not wish to pay off the assessment, no action is required.
Construction Begins This Month
Construction is on schedule to start in June. The initial phase will include:
Abatement and demolition of four properties owned by the drainage district
Construction of three stormwater detention ponds to store and slowly release runoff during peak rainfall
Installation of a 5-foot-diameter storm sewer outlet connecting a detention pond to the Grand River
Construction of various storm sewer drains
Visit our website for more information on the project schedule and construction updates.
Subscribe for Email Updates
Property owners can expect to receive regular construction updates throughout the project. If you know anyone who should be subscribed for project updates, please forward this email to them to subscribe.
The information in this blog post came from an email sent out on 6/2/25. To register for email updates for the Bank Intercounty Drain project, click here.