Detroit City Council rejects plan for $350M loan - FOX 10 News | myfoxphoenix.com

Detroit City Council rejects plan for $350M loan

Posted: Updated:
DETROIT (AP) -

Detroit City Council has rejected plans for a $350 million loan to help the cash-strapped city pay off some of its massive pension debt.

The proposal still could go forward despite Monday's vote. Judge Steven Rhodes, who is overseeing the city's bankruptcy case, is expected to make a decision later on whether to approve the deal.

State-appointed emergency manager Kevyn Orr announced the financing earlier this month. About $230 million from Barclays would be used to fully pay off a complicated pension debt deal involving two major creditors. The rest would be used to improve basic city services and city government technology infrastructure.

The loan would be secured with pledges of casino and income tax revenue, and proceeds from the sale of city-owned of assets that top $10 million.

  • Local NewsLocal NewsMore>>

  • Community comes together to support slain Armada teen's family

    Community comes together to support slain Armada teen's family

    Wednesday, July 30 2014 11:55 PM EDT2014-07-31 03:55:10 GMT
    Nearly a week after 14-year-old April Millsap was found murdered in the small town of Armada, friends, family and even those who didn't know the young girl gather for music in the park - this time hoping for justice.They were there to help raise money to ease the burden on April's heartbroken mother."We're as well as can be expected," said aunt Sarah Lichtenfelt. "They are just grateful for all the prayers and support, that's all we ask is to keep praying for strength."In the middle of it all...
    Nearly a week after 14-year-old April Millsap was found murdered in the small town of Armada, friends, family and even those who didn't know the young girl gather for music in the park - this time hoping for justice.They were there to help raise money to ease the burden on April's heartbroken mother."We're as well as can be expected," said aunt Sarah Lichtenfelt. "They are just grateful for all the prayers and support, that's all we ask is to keep praying for strength."In the middle of it all...
  • Family asks for justice after mother of three found dead next to dumpster

    Family asks for justice after mother of three found dead next to dumpster

    Wednesday, July 30 2014 11:33 PM EDT2014-07-31 03:33:46 GMT
    When 32-year-old Katherine Gibson was a little girl, her loved ones thought, the "life" ahead of her would be long. But it wasn't."Me and my girlfriend dropped her off and she had just told us, she loved us," said Marvin Gibson, her cousin.That would be the last "I love you" that he would hear. because after Gibson's cousin dropped her off at Harper and Conner, near Bronco's Market. The day after, she was found dead. Gibson's lifeless body, discovered by a dumpster, beside the building."Layin...
    When 32-year-old Katherine Gibson was a little girl, her loved ones thought, the "life" ahead of her would be long. But it wasn't."Me and my girlfriend dropped her off and she had just told us, she loved us," said Marvin Gibson, her cousin.That would be the last "I love you" that he would hear. because after Gibson's cousin dropped her off at Harper and Conner, near Bronco's Market. The day after, she was found dead. Gibson's lifeless body, discovered by a dumpster, beside the building."Layin...
  • Detroit councilwoman dodges questions about Facebook photo

    Detroit councilwoman dodges questions about Facebook photo

    Wednesday, July 30 2014 11:27 PM EDT2014-07-31 03:27:05 GMT
    Councilwoman Mary Sheffield posted a photo with controversial figure Rayford Jackson, previously involved in the Monica Conyers scandal. Fox 2's M.L. Elrick wants to know why.
    Councilwoman Mary Sheffield posted a photo with controversial figure Rayford Jackson, previously involved in the Monica Conyers scandal. Fox 2's M.L. Elrick wants to know why.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices