CHICAGO - The Detroit City Council is poised to vote today on Mayor Kwame Kilpatrick's $3.04 billion fiscal 2009 budget, days after signaling it would replace a key piece of the mayor's proposal with a plan to borrow the money to balance the budget

The council on Friday approved a measure to sell up to $110 million of so-called fiscal stabilization bonds in order to eliminate the current deficit and balance the fiscal 2009 budget. The measure came a day after the council rejected Kilpatrick's long-touted proposal to sell Detroit's half of the Detroit-Windsor Tunnel in a transaction that would generate $75 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.