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Detroit City Council To Consider Financial Stability Agreement

March 28 2012 | no comments

The Detroit City Council has scheduled a special session during which they will consider the Financial Stability Agreement.

The controversial document is also known as a consent agreement.

The meeting will be held Thursday, March 29 at 4:10 p.m. in the council chambers. It is not clear if the council will vote on the agreement during that meeting.

Council’s scheduling of the meeting comes just a day after they agreed to a state proposal that will allow the city to issue almost $140 million in new bonds that are designed to get Detroit to the end of the fiscal year.

However, that agreement was not without controversy as council originally blasted the proposal, saying it would guarantee that they would also need to agree to the Financial Stability Agreement.

Council finally passed the measure Tuesday after State Treasurer Andy Dillon agreed to remove the passages that they were worried about.

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