CHICAGO — “Bankruptcy is not an option” and Detroit is not going to run out money or miss a debt payment by the end of the year, the city’s chief financial officer said Wednesday.

CFO Jack Martin made the comments with Mayor Dave Bing at an afternoon press conference held a day after the Detroit City Council voted to reject a legal contract with Miller, Canfield, Paddock and Stone, PLC that the state said is required to win release of $30 million of bond proceeds from a state-controlled escrow account.

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