Michigan $195 Million Detroit Package Wins Final Approval
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A $195 million contribution to resolve Detroit’s bankruptcy passed the Michigan Senate, which sent the legislation to Republican Governor Rick Snyder for his signature.
The package of bills, which is crucial to Snyder’s plan to help the city regain its footing, also would create a commission to oversee Detroit’s finances. Emergency Manager Kevyn Orr plans to complete by October the reduction of $18 billion in debt that led to the largest U.S. municipal bankruptcy.