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LIVE - Members of Detroit school board discuss rejecting $150M loan from state

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DETROIT – Citing the bilking of taxpayers with extremely high interest rate, members of Detroit's elected School Board are considering rejecting the $150 million loan from the State of Michigan.

They will discuss that decision in a Monday press conference along with possible rejection of moving Detroit Public Schools (DPS) assets into the "new co" as proposed by Governor Snyder and his DPS Emergency Manager, Steven Rhodes.

The Board fears the transfer of assets will continue the six-year-long debt spiral that began with the state takeover of the DPS. 

ReadSnyder signs $617 million Detroit schools bailout package