Bills To Propose $195M State Payment To Detroit - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Bills To Propose $195M State Payment To Detroit

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LANSING, Mich. (AP) - Pending legislation will ask Michigan taxpayers to 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.

Republican Rep. John Walsh of Livonia says a 10-bill package coming later Thursday also will create an oversight committee to review Detroit's budgeting and spending for 20 years. The seven-member committee will include appointees of the governor, state treasurer, legislative leaders and Detroit mayor.

The legislation also will 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.

Walsh says he'll hold two to four committee hearings on the legislation starting next week.
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