Friday, December 12, 2014
First Payment Made Toward Detroit's 'Grand Bargain'
The first “grand bargain” payment — $23.3 million dollars — was sent to two retirement systems this week as part of the city’s exit from bankruptcy.
The Foundation for Detroit’s Future, a nonprofit created specifically to transfer funds from 12 foundations and the Detroit Institute of Arts, made the payment on Wednesday, marking the first of 20 installments to the city as part of a deal to shore up city pensions....