May 6, 2014

Lawmakers split on upfront payment to help settle Detroit bankruptcy

At The Freep -
"The city of Detroit's latest bankruptcy exit plan, released Monday, calls for the state of Michigan to contribute $194.8 million upfront toward the settlement, rather than $350 million over 20 years, as originally proposed.

In Lansing, where bills to provide for the payment are expected to be introduced this week, some lawmakers said Tuesday the revised plan could make approval of the state money easier, while at least one believes the opposite is true.

The state money would be part of a “grand bargain” under which foundations and philanthropists and the Detroit Institute of Arts have also pledged about $466 million to minimize the impact of the bankruptcy on city of Detroit retirees and prevent a sell-off of DIA artwork."

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