Michigan governor proposes $350 million for Detroit pensions, art-reports

Michigan Governor Snyder is interviewed as he tours the display floor during the press preview day of the North American International Auto Show in DetroitMichigan Governor Rick Snyder has proposed a $350 million, 20-year plan for the state to protect Detroit retiree pensions and the collection of the Detroit Institute of Arts, local newspapers reported on Thursday. Snyder’s proposal would use tobacco settlement funds or bonds to finance the outlay to Detroit and would not use cash from the state’s general fund, the Detroit News reported. The governor, a Republican, met with legislators on Wednesday, his spokeswoman, Sara Wurfel said, but she would not comment on details of the meeting. Republican legislators have played down the possibility of a direct bailout to Detroit, which is struggling under more than $18 billion in debt and is the largest U.S. city ever to be declared bankrupt.

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