Bills propose $195 million payment to Detroit - Los Angeles News | FOX 11 LA KTTV

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>>

  • Benefit for injured Grosse Pointe Park Police officer

    Benefit for injured Grosse Pointe Park Police officer

    Friday, July 25 2014 12:18 PM EDT2014-07-25 16:18:15 GMT
    48-year-old Keith Andersen retired in February from the Grosse Pointe Park Police Department. On June 21, he was involved in a roll over accident where he suffered a broken neck. As of now Keith has no movement in his the lower half of his body. The Fraternal Order of Police, Grosse Pointe Lodge 102 is holding a fundraiser for Keith on Aug 5th. Amy Lange will have a full report on Fox 2 News at 5:00 p.m.
    48-year-old Keith Andersen retired in February from the Grosse Pointe Park Police Department. On June 21, he was involved in a roll over accident where he suffered a broken neck. As of now Keith has no movement in his the lower half of his body. The Fraternal Order of Police, Grosse Pointe Lodge 102 is holding a fundraiser for Keith on Aug 5th. Amy Lange will have a full report on Fox 2 News at 5:00 p.m.
  • Teenager's body discovered in wooded area in Armada

    Teenager's body discovered in wooded area in Armada

    Friday, July 25 2014 10:37 AM EDT2014-07-25 14:37:19 GMT
    Police in Armad Township tell Fox 2's Roop Raj that the body of a 14-year-old female teen has been found in a wooded area near a recreational trail in the Macomb County village of Armada.
    Police in Armad Township tell Fox 2's Roop Raj that the body of a 14-year-old female teen has been found in a wooded area near a recreational trail in the Macomb County village of Armada.
  • Judge rules Warren Evans can stay on the ballot

    Judge rules Warren Evans can stay on the ballot

    Friday, July 25 2014 10:16 AM EDT2014-07-25 14:16:52 GMT
    A judge ruled Friday, Warren Evans will stay on the August primary ballot for Wayne County Executive.
    A judge ruled Friday, Warren Evans will stay on the August primary ballot for Wayne County Executive.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

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