Detroit Consent Agreement

March 21, 2012 by staff 

Detroit Consent Agreement, With a deadline fast approaching, a judge’s ruling Tuesday won’t stop Gov. Rick Snyder’s administration from trying to reach a consent agreement with Detroit to help the financially strapped city avoid bankruptcy.

City officials, too, said they will keep working toward a deal with the state, despite Ingham County Chief Circuit Judge William Collette’s ruling that no consent agreement can be approved without his OK.

The financial review team for Detroit appointed by the governor will meet today in open session to discuss its options for a recommendation to Snyder, said Caleb Buhs, a spokesman for the state Department of Treasury.

Collette’s ruling came the same day Snyder received news that city employee unions had begun to ratify concessions negotiated by Bing. Also Tuesday, Moody’s Investors Service downgraded the city’s credit rating for general obligation bonds by two notches — a sign the city’s financial picture has worsened.

The governor, in Europe on a trade mission, said before the judge’s ruling that he anxiously awaited the city’s counterproposal to the consent agreement he proposed last week.

By the end of Tuesday, the city hadn’t submitted a counterproposal. City leaders rejected Snyder’s proposal last week and have been working on their own proposal that keeps the mayor and City Council in control of the city’s finances.

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