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Posted: Friday, 20 June 2014 3:40PM

Governor Snyder Signs "Grand Bargain" Bills For Detroit



Governor Snyder has signed into law the "Grand Bargain" bills in Detroit. The measure authorizes a $195 million payment as part of the city's bankruptcy settlement, which includes pension reductions for retirees. Snyder says it was truly an 11-month effort of partners. He referenced State Representative Al Pscholka in his remarks, albeit not by name.

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Snyder says while the legislation is a major step toward removing Detroit from bankruptcy, a critical vote of pensioners and other issues remain. He said the bargain represents cooperation on a level rarely seen in politics, requiring agreement from the state legislature, a bankruptcy judge, and especially the city's pensioners:

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Now, Synder said, it's time to look to the future of the city:

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The $195 million from the state is coming out of the Budget Stabilizationi Fund, also known as the "Rainy Day Fund." A long-term financial oversight commission will be set up to monitor Detroit's budget and contracts.

   

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