Snyder: Ready To Sign $195M In Funding For Detroit - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Snyder: Ready To Sign $195M In Funding For Detroit

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LANSING, Mich. (AP) - Gov. Rick Snyder says he will sign legislation approving $195 million in state funding to prevent steep cuts in Detroit's pensions and the sale of city-owned art when the printing and proofing process for the bill package is complete.

The Republican governor told reporters during a conference call Wednesday that an announcement on the signing could come in the next few days.

The Michigan Legislature on Tuesday approved the funding, which many see as a major step toward pushing Detroit through bankruptcy. The money is part of an $816 million pool that includes funding from foundations and the Detroit Institute of Arts to shore up the city's two retirement systems.

The art museum and its assets would be transferred to a private nonprofit as part of the legislation.

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