Wednesday, Jul 27, 2016
One of America's Great Newspapers ~ Toledo, Ohio

State

Detroit expecting $195M lump sum from Michigan

DETROIT  — The city of Detroit’s latest plan to get out of bankruptcy includes a lump-sum payment of about $195 million from the state to shore up pensions and prevent the sale of city-owned art.

The money would be invested and grow over time and carry a 20-year value of $350 million.

But it’s not a done deal. The Republican-controlled Legislature still needs to embrace it, and Detroit’s bankruptcy plan would have to be approved by a judge by the end of September. Foundations and philanthropists also have to kick in millions of dollars.

The details emerged today in the city’s latest strategy to get out of bankruptcy. The amended plan comes a week before ballots are sent to thousands of creditors, including roughly 30,000 retirees and current city employees.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…