- Posted April 04, 2014
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Detroit gets approval to use $120 million loan
DETROIT (AP) -- Bankrupt Detroit has been given approval to move forward with a $120 million quality of life loan to help improve city services.
Federal Judge Steven Rhodes on Wednesday approved the loan brokered with Barclays. He says Detroit can use the money to meet the needs of people living in the city.
Brad Erens, an attorney representing Detroit, says the city needs to hire more police and firefighters and repair public safety vehicles. The city has filed a list of projects that require $179 million in funding.
The city has said the loan will be paid off with available funds after the court approves its exit plan from the nation's largest municipal bankruptcy.
State-appointed emergency manager Kevyn Orr on Monday filed an amended plan of adjustment. Hundreds protested the plan Tuesday.
Published: Fri, Apr 4, 2014
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