Governor backs plan to give bankrupt Detroit $350M - 13abc.com Toledo (OH) News, Weather and Sports

Governor backs plan to give bankrupt Detroit $350M

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By DAVID EGGERT
Associated Press

LANSING, Mich. (AP) - Michigan Gov. Rick Snyder is backing a plan to commit $350 million in state funds to shore up Detroit's pension funds and prevent city-owned art from being sold during they city's bankruptcy.

The Republican joined legislative leaders on Wednesday in announcing a plan that would provide as much as $350 million over 20 years.

The money would match the roughly $330 million that charitable foundations have pledged so far to help the debt-ridden city. Detroit's debt is estimated at $18 billion or more, including $3.5 billion in underfunded pension obligations.

Snyder says the money wouldn't be a bailout. He says it would simply help Detroit quickly settle its bankruptcy.

Republican legislative leaders say the plan will be a tough sell in the Legislature, but that it's better than a protracted legal fight.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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