DETROIT – The Detroit City Council voted unanimously Monday to reject a loan deal which was worked out by Emergency Manager Kevyn Orr.
Orr has arranged a $350 million loan with banks to settle a loan deal originally arranged by former Detroit mayor Kwame Kilpatrick which cost the city hundreds of million of dollars.
Story: Kevyn Orr secures $350 million for Detroit
Part of the money would pay for the Kilpatrick deal and the rest would pay for city services.
City Council now has one week to propose an alternative that save as much or more money.