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November 20, 2012
Detroit City Council rejects last-ditch cash infusion
- the offer As part of a deal to get the City of Detroit back on track financially, the city’s government made a deal with the State of Michigan to receive a $30 million cash infusion in two payments, including a $10 million loan set for today. The city has long struggled to recover from its decline in population and has had financial trouble for years.
- the condition To receive the money, the city had to sign a contract with the law firm Miller, Canfield, Paddock & Stone to analyze the city’s legal situation and deal with any litigation that might arise as a result of a financial stability agreement.
- the vote In a voice vote, the city rejected the condition on the money, meaning that the city will not get the initial $10 million payment. ”It will be more difficult for the City to maintain its liquidity until the receipt of property tax revenues beginning in January,” said mayor Dave Bing. “Today’s vote is one more example of how City Council has stalled our efforts to bring financial stability to the City of Detroit.” source
18:57 // 1 year ago