Michigan House Forms Panel for Detroit Bankruptcy

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LANSING, Mich. (AP) -- Republicans in the Michigan Legislature have created a special committee to consider expected legislation to send money to bankrupt Detroit to shore up pensions and prevent the sale of valuable art.

House Speaker Jase Bolger on Tuesday announced the formation of the House Committee on Detroit's Recovery and Michigan's Future. The panel's chairman is Republican Rep. John Walsh of Livonia.

The state's $195 million payment is being treated as the current value of $350 million over two decades. Legislation could be introduced this week.

Foundations and philanthropists have to contribute millions of dollars as well, putting the total value of the pension rescue at $816 million.

The committee also includes Republicans Mike McCready of Bloomfield Hills and Earl Poleski of Jackson, and Democrats Thomas Stallworth and Harvey Santana of Detroit.

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