DETROIT (AP) — A board that will help Detroit follow financial plans approved in the city’s bankruptcy has held its first meeting.
The nine-member Detroit Financial Review Commission received updates Wednesday on restructuring efforts.
Commission chair and state Treasurer Kevin Clinton said after the meeting that the role the board plays “may diminish as Detroit gets stronger.”
Mayor Mike Duggan sits on the commission and says the city’s finances are being handled responsibly.
Federal Judge Steven Rhodes on Friday approved Detroit’s exit from the largest municipal bankruptcy in U.S. history. Rhodes has scheduled a Nov. 24 hearing to discuss when the bankruptcy plan takes effect.
The effective date puts the plan in play. The city wants to line up certain financing as soon as possible, especially with end-of-the-year holidays looming.
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