Detroit Emergency Manager Keyvn Orr Monday issued his sixth executive order, approving funding for the newly created bond-issuing Public Lighting Authority.
The order approved $1.8 million to start up the new authority, created in December by state legislation that allows the authority to tap part of the city’s utility taxes to issue bonds.
The funding will total $600,000 a month for the next three months, starting May 15. In addition, the city will deposit $1.78 million a month into a trustee account for the rest of 2013, and in 2014 will collect and deposit an additional $1 million, according to the order. The money is to be used to for debt-service payments on bonds issued for capital improvements.