Detroit Officials, Rating Agencies See New Budget as Step in Right Direction

Shields, Yvette
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p3
Trade Publication
The article reports on the positive response of Detroit officials and rating agency analysts toward the adoption of the $3.6 billion fiscal 2007 budget by the City Council. The budget is aimed at phasing out structural and operating deficits that have caused credit downgrades, thus threatening the city's fiscal stability. The budget also incorporates an estimated $24 million in savings expected in fiscal 2007 from the city's sales early next month of $950 million of taxable certificates of participation that will restructure a piece of last year's $1.4 billion pension certificate issue. The restructuring will re-amortize the original maturity schedule, pushing out final repayment on the original floating-rate bonds ma 30-year term.


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