Gov. Snyder Signs Detroit ‘Grand Bargain’ Legislation
On Friday morning, Governor Rick Snyder signed legislation into law that creates the state's contribution to Detroit's "Grand Bargain" settlement. In doing so, the governor said the historic, bipartisan legislation shows all Michigan stands together in Detroit's revitalization.
Snyder signed two bills; part of a package that shows the commitment to retirees while creating safeguards for all Michigan taxpayers and improving the quality of life for Detroit's 700,000 residents. Other bills in the package were signed on Thursday.
Of the legislation, Snyder said "we are taking historic steps that many would have said was impossible not long ago. We have come together as a state and as a family to build a bright future where the outlook was once very uncertain."
Snyder was flanked by city and community leaders, lawmakers from around the state and Detroit employees and others who have partnered on the settlement plan as he signed the bills at the Department of Natural Resources' Outdoor Adventure Center.
The state's upfront $194.8 million contribution to the unprecedented settlement joins assistance from the philanthropic community, the Detroit Institute of Arts, business leaders and others from around Michigan. The efforts of all create a significant step toward resolving the difficult but necessary bankruptcy, lessening the impact on Detroit retiree pensions and providing better services for city residents.
Snyder signed House Bill 5566 that creates and funds a post-bankruptcy governance plan for Detroit based on the New York model. It's now Public Act 181 of 2014. Snyder also signed HB 5574 which appropriates the money to the Settlement Authority.
For more on this legislation, as well as other bills signed by the governor, visit: www.legislature.michigan.gov.