DETROIT (WKZO) -- The state is scheduled to release 20-million dollars in bond funding to the City of Detroit.
On Friday, Mayor Dave Bing's office announced that a deal had been reached with the state to release the money to help with the city's financial restructuring. The funds had been withheld while the city worked to meet benchmarks required under its consent agreement with the state.
The release of the money would bring the total bond funding provided by the state to the city to 30-million dollars. Officials say the city has made progress on the consent deal in recent weeks by approving contracts for legal work and organizational restructuring.