City's financial plan slim on debt details

Last week, the council approved a $137 million bond sale-refinancing package necessary to make an April 1 debt payment and pay the city's bills through the June 30 end of the fiscal year. Because of terminations in a series of pension swaps issued in 2006, Detroit is on the hook for a $50-milli...

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Bibliographic Details
Published inCrain's Detroit Business Vol. 28; no. 14; p. 4
Main Author Kaffer, Nancy
Format Journal Article Trade Publication Article
LanguageEnglish
Published Detroit Crain Communications, Inc 02.04.2012
Crain Communications, Incorporated
Subjects
Agreements
Budget deficits
City councils
Councils
Debt restructuring
Delinquency
Economic development
Local finance
Mayors
Municipal finance
Municipal government
Property taxes
Real estate financing
Sewage disposal
Taxes
Michigan
Detroit Michigan
United States > US
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Summary:Last week, the council approved a $137 million bond sale-refinancing package necessary to make an April 1 debt payment and pay the city's bills through the June 30 end of the fiscal year. Because of terminations in a series of pension swaps issued in 2006, Detroit is on the hook for a $50-million-a-year termination payment, spread out over roughly seven years.
ISSN:0882-1992