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Policy: Economy

Lawmakers delay initial vote on Detroit bankruptcy

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News,Business,Detroit,Economy,Detroit Bankruptcy

LANSING, Mich. (AP) — Michigan lawmakers are waiting a day to hold an initial vote on giving $195 million in state money to help Detroit emerge from bankruptcy while potentially keeping the city under oversight for decades.

A Republican-led House committee plans to vote on the 11-bill package Wednesday after reviewing a number of changes being made. Expected changes include adding a City Council designee to a nine-member oversight board to review Detroit's finances and budgets. The panel would still primarily consist of state appointees.

Another change makes the oversight committee go dormant if Detroit meets various conditions.

The legislation commits $194.8 million to help prevent steeper cuts to retiree pensions and the sale of pieces at the Detroit Institute of Arts. Foundations and the museum have pledged hundreds of millions of dollars, too.

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