The Grand Rapids Press 03/10/12 Associated Press
“Bing could ask for $125M - $150M state loan”
Detroit Mayor Dave Bing has indicated he could ask the state of Michigan for a $125 million to $150 million loan to shore up Detroit's finances and avoid a state-appointed emergency manager, a spokeswoman confirmed Friday.
However, "the mayor has no such specific plans" to seek help from Republican Gov. Rick Snyder, Bing spokeswoman Naomi Patton said in an email to The Associated Press.
Bing said it was "possible" he could ask for a loan in that range, Patton said
If there is a consent agreement, it's too soon to say what the terms might be or if such a loan could be part of a deal, Lasher said. Snyder wants to make sure both Detroit's short- and long-term financial situations are addressed, she said.
While a consent agreement could allow Detroit to save public face by preserving local authority, it also allows for a state takeover if the city fails to comply with provisions that include timely reporting of finances and following operations and recovery plans.
Common Sense Review
Detroit is in a $45 million hole, cutting back on services, as well as trying to sell public landmarks while the city and county of Wayne are in a bog of corruption scandals, what do they offer as collateral to the citizens of Michigan to guarantee the loan will be paid in full with interest. NOTHING!
Strength and character are built on how people react during adversity not begging. I am not seeing leadership from the Officials of Detroit. How do you expect citizens of Detroit to be strong during the turnaround time when the city leaders are not?
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