Michigan Governor Signs Bills For Detroit Bankruptcy Plan
Michigan Governor Rick Snyder on Friday signed into law bills that complete funding for a key component of Detroit’s plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. The legislation allocates nearly $195 million in state funds for the so-called grand bargain, which includes $366 million pledged over 20 years by philanthropic foundations and $100 million from the Detroit Institute of Arts.
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