Michigan Senate panel OKs Detroit bankruptcy bills - myfoxcarolinas.com

Michigan Senate panel OKs Detroit bankruptcy bills

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LANSING, Mich. (AP) -- A committee in the Michigan Senate has approved spending $195 million to help shore up Detroit's pension funds, moving the legislation closer to Gov. Rick Snyder's desk.
 
The Republican-led Senate Government Operations Committee voted 5-0 Tuesday to contribute state money to join commitments from 12 foundations and the Detroit Institute of Arts toward a deal designed to end the largest public bankruptcy in U.S. history. The full Senate could vote as early as later in the afternoon.
 
The pool of money would prevent steeper cuts to retiree pensions while the city-owned art museum and its assets would be transferred to a private nonprofit and shielded from being sold in the bankruptcy case.
 
The Senate panel's vote came two weeks after the GOP-controlled House approved the bills in bipartisan votes.
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