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Michigan to send Detroit $10 mln, begins review of city
December 11, 2012 / 9:55 PM / 5 years ago

Michigan to send Detroit $10 mln, begins review of city

Dec 11 (Reuters) - Detroit will get $10 million after its city council took action on Tuesday on key measures tied to financial reforms, but the state of Michigan still launched a review that could culminate in an emergency financial manager for the city.

Terry Stanton, a spokesman for Michigan’s Treasury Department, said the council’s action met conditions agreed to by the state and Mayor Dave Bing for the release of $10 million of money raised through a bond sale earlier this year.

He added that department began a 30-day preliminary review of the cash-strapped city’s finances on Tuesday.

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