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City of Detroit asks judge to approve loan deal

DETROIT (WKZO) -- The city of Detroit has officially asked U.S. Bankruptcy Judge Steven Rhodes to approve a deal with London-based Barclays to borrow up to 350-million dollars.

Last month, the city secured the loan, which would be used to pay off a 2005 interest-rate transaction and to improve city services.  In a court filing Tuesday, the city said it expects to save around 50-million dollars to pay off the transactions.

Rhodes has set a hearing on the matter for November 14th.

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