Bargains made in Detroit bankruptcy bailout
Updated On: May 08 2014 11:23:18 PM EDT
The budget bailout for Detroit dropped in Lansing Thursday night; a package of 11 bills to send hundreds of millions of dollars to Detroit, but it comes with some very real conditions -- to backfill pensions and save the collection at the Detroit Institution of Arts.
But it's no sure thing; if this deal doesn't go, the so-called "grand bargain" falls apart.
The bailout includes $194 million as a lump-sum payment to Detroit. The money comes from the state's rainy day fund and includes 20 years of oversight from a seven-member panel.
It's the last condition that makes Detroit's legislators unhappy.
State Rep. John Walsh , a Livonia Republican, and perhaps the most respected legislator on both sides of the aisle, is the quarterback to move the bills through the house.
He is working on provisions that would reward Detroit for good financial practices.
City Council President George Cushingberry said the move is already on at the city level for better budgeting.