With Changes in Mind, Detroit Schools Awaits Approval on Deals

Carvlin, Elizabeth
February 2005
Bond Buyer;2/22/2005, Vol. 351 Issue 32075, p3
Trade Publication
The article reports that the Detroit Public Schools is awaiting final approval of its deficit elimination plan from the state of Michigan in order to issue notes and long-term bonds to help the district balance its budget. The deficit elimination plan includes selling $160 million of notes for short-term expenses, according to Joseph Fielik, director of the state Bureau of Bond Finance. The district plans to issue the notes in March and bring $210 million of long-term bonds to market in June. The district also wants to issue cash flow notes in August for the next fiscal year. As part of the district's ongoing effort to reduce spending, officials announced earlier this month that they would close another 37 buildings, mostly schools.


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