CHICAGO — Detroit hopes to issue up to $250 million of fiscal stabilization bonds — a move that would require a change in Michigan law — as part of Mayor Dave Bing’s plan to eliminate the city’s $325 million deficit and avoid running out of cash by early next year.

The City Council late Friday approved a pair of resolutions that allow the city to begin the bond issuance process. The state treasurer still needs to sign off on the borrowing, and the Legislature would need to raise the cap on the 28-year-old Fiscal Stabilization Act to allow the city to issue the full amount.

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