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Michigan House passes bill package for bankrupt Detroit
May 22, 2014 / 8:07 PM / 3 years ago

Michigan House passes bill package for bankrupt Detroit

May 22 (Reuters) - The Michigan House of Representatives on Thursday passed an 11-bill package that includes nearly $195 million in state funds for Detroit’s plan to adjust its debt and exit the biggest municipal bankruptcy in U.S. history.

The legislation, which now heads to the Michigan Senate, also creates a state oversight commission for Detroit and requires the city to have a chief financial officer and a four-year financial plan.

Reporting By Karen Pierog; Editing by Meredith Mazzilli

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