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.
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The Board fears the transfer of assets will continue the six-year-long debt spiral that began with the state takeover of the DPS.
Read: Snyder signs $617 million Detroit schools bailout package