By: Diane Benjamin
Normal doesn’t bid the cost of comprehensive insurance because they are a member of MICA who supposedly bids it for them.
See this story from last year: https://blnnews.com/2022/07/22/more-on-normals-mica-problem/
Normal has never bid coverage themselves, so how do they know they can’t get it cheaper? Normal has been using MICA since 1985. Evidently repeating the same year after year is better than finding out if you get fleeced. It’s only close to $2 million.
Normal has so much money they are paying other expenses for an entire year in a lump sum:
Interest Payments, almost $1.3 million:
(Note most are interest only – that mean the effective interest rate ends up MUCH higher)