Mich. Governor Floats State Assistance for Detroit

By: Associated Press
By: Associated Press
Gov. Rick Snyder has met with Michigan lawmakers to discuss the possibility of contributing state money to shore up Detroit

FILE - In this Feb. 7, 2013 file photo, Michigan Gov. Rick Snyder presents his third state budget before the state Legislature in Lansing, Mich. Snyder is taking questions under oath as labor unions and other creditors in Detroit�s bankruptcy try to understand why he signed off on the largest public filing in U.S. history. Three months later, no assets have been divided and no major deals have been struck. In fact, a judge soon will hold a trial to determine if Detroit even is eligible to be in Bankruptcy Court to restructure at least $18 billion in long-term debt. Snyder�s answers during a three-hour deposition Wednesday, Oct. 9, 2013, can be turned into evidence at the trial. (AP Photo/Carlos Osorio)

LANSING, Mich. (AP) -- Gov. Rick Snyder has met with Michigan lawmakers to discuss the possibility of contributing state money to shore up Detroit's pension plans and prevent the sale of city-owned art.

The governor and GOP senators met behind closed doors Thursday after foundations committed $330 million this week. Snyder may ask lawmakers to match the foundations' contributions.

Senate Majority Leader Randy Richardville confirms talks about state involvement but says no final plan or request has been made to legislators. He's cautiously optimistic of a solution in the "near future."

Richardville says he expects Michigan residents to be most understanding if "we're talking about protecting pensioners vs. bailing out a city."

The bankruptcy judge overseeing Detroit's restructuring plans to rule Thursday on a renegotiated interest rate swaps deal that could save millions.


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