DETROIT (WKZO) -- The legislation known as the Detroit bankruptcy grand bargain is expected to be signed into law by Governor Rick Snyder in the next few days.
The Michigan Senate Tuesday quickly followed House action and approved a series of bills to prevent deeper cuts for city pensioners and protect the Detroit Institute of Arts collection from creditors. Republican Majority Leader Randy Richardville says thousands of people would have been at-risk if the state failed to act.
The state is contributing about 195-million dollars to go with almost 470-million dollars from private foundations and DIA commitments. Pensioners and creditors are currently voting by mail on whether to accept the city's adjustment of debt.