Detroit’s Bankruptcy: Governor Proposes Considerable State Financial Involvement
This afternoon Governor Snyder detailed a plan that would provide quite a bit of money to help cover the cost of Detroit city retiree pensions and help assure the art collection at the "Detroit Institute of Arts" would not have to be sold. Officials have been reviewing a proposal that would cut pensions and
sell artworks as a part of the city's bankruptcy plan. A part of the proposal calls for the state to provide up to $350 million over a 20 year time frame. Money would come from tobacco settlement funds. Next state lawmakers will review the plan. Before anything is finalized it would have to get approval from the State House and Senate.