Bills propose $195 million payment to Detroit - FOX 10 News | myfoxphoenix.com

Bills propose $195 million payment to Detroit

Posted: Updated:
LANSING, Mich. (AP) - Michigan would contribute a nearly $195 million lump-sum payment from the state's rainy day fund to bankrupt Detroit to bolster pension funds and prevent the sale of city-owned art under newly introduced legislation.

The 11-bill package introduced Thursday also would create an oversight committee to review Detroit's budgeting and spending for 20 years and move new hires to a 401(k) plan instead of a pension plan once a recently negotiated collective bargaining contract expires.

The seven-member committee would include appointees of the governor, state treasurer, legislative leaders and Detroit mayor.

The legislation also would provide for a separate investment committee to oversee Detroit pension funds. The intent is to pattern Detroit's oversight after the long-term oversight of New York City after its financial crisis in the 1970s.
  • Local NewsLocal NewsMore>>

  • FBI joins the search for Armada teen's killer

    FBI joins the search for Armada teen's killer

    Friday, July 25 2014 11:08 PM EDT2014-07-26 03:08:38 GMT
    The FBI has joined the investigation team searching for the killer of a 14-year-old Armada girl, April Millsap.
    The FBI has joined the investigation team searching for the killer of a 14-year-old Armada girl, April Millsap. Authorities also say they are now looking for a small motorcycle in addition to the gray, dented van seen in the area.
  • Vandals damage historic Detroit cemetery

    Vandals damage historic Detroit cemetery

    Friday, July 25 2014 10:38 PM EDT2014-07-26 02:38:55 GMT
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
  • Man hospitalized after run-in with Ecorse police

    Man hospitalized after run-in with Ecorse police

    Friday, July 25 2014 10:05 PM EDT2014-07-26 02:05:54 GMT
    Witnesses and lawyers say a man was attacked by Ecorse police Monday morning even though he was complying with police demands.
    Witnesses and lawyers say a man was attacked by Ecorse police Monday morning even though he was complying with police demands.
  • 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