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Detroit City Council approves $125 million of bonds

Detroit City Council approves $125 million of bonds
From Reuters - October 24, 2017

(Reuters) - The Detroit City Council on Tuesday approved nearly $125 million of bonds to finance road and other projects aimed at revitalizing neighborhood commercial corridors.

The 9-0 vote sends the borrowing to the Detroit Financial Review Commission, a state oversight board created as part of the citys bankruptcy exit plan, and to the Michigan Finance Authority, for final approvals.

Detroit ended what was then the biggest-ever U.S. municipal bankruptcy in December 2014 after shedding about $7 billion of its $18 billion of debt and obligations.

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