Gov, Rick Snyder on Friday signed the so-called "Grand Bargain" bankruptcy legislation, a move that will help Detroit pensioners and probably bolster his image among Detroiters in an election year.
WDIV reports that Snyder signed the legislation in Detroit with other notables in attendance including Mayor Mike Duggan, Emergency Manager Kevyn Orr, U.S. District Judge Gerald Rosen and some lawmakers.
“All Detroiters are Michiganders, and today I believe we realize that all Michiganders are connected to Detroiters as well," said Snyder. "From the harbors of the Upper Peninsula to the shores of West Michigan to the tip of our Thumb, all of Michigan is connected to our largest city. And, while our work is not yet done, I am proud that all of Michigan has pulled together to keep Detroit’s revitalization going strong.”
The "Grand Bargain" legislation includes a $195 million state payment toward the $866 million deal involving foundations, the DIA, and labor.
The move is expected to help lessen cuts to pensions and save the DIA art from being sold off to satisfy creditors.
