Snyder signs Detroit bankruptcy bills, says 'there's more work to be done'

Source: Detroit Free Press

Gov. Rick Snyder signed into law the Detroit grand bargain legislation that gives $195 million from the state in the deal to reduce city pension cuts, protect the Detroit Institute of Arts and provide long-term state oversight of the city after it emerges from the nation’s largest municipal bankruptcy.

“This is a story that’s not over,” Snyder said at a news conference celebrating bipartisan support in the Legislature for a deal that many never imagined would come. “So while we celebrate today, let’s recognize there’s more work to be done.”

Snyder also said that, while the signing of the legislation marked an important milestone in Detroit’s recovery, “this bankruptcy is a terribly difficult thing, and to be open, people are making real sacrifices.” Retirees, in particular, he said, are being asked for difficult-to-accept cuts to their pension and health care benefits, and “no one should ever forget that. We should always be thankful.”

Snyder was flanked by state legislative leaders from both political parties, U.S. District Chief Judge Gerald Rosen, Mayor Mike Duggan, emergency manager Kevyn Orr and many more city and state leaders who spoke of gratitude for unusual bipartisanship at a critical moment for Detroit. They praised Rosen and leaders of the major philanthropic foundations who’ve pledged, altogether, more than $450 million to help offset pension and health care cuts for Detroit’s retirees.

Read more: http://www.freep.com/article/20140620/NEWS06/306200107/Gov-Rick-Snyder-Detroit-bankruptcy-legislation