Gov. Jennifer Granholm Friday signed off on legislation allowing Detroit — and all Michigan cities — to issue up to $250 million of fiscal stabilization bonds to help eliminate deficits and pay off short-term obligations.
The state Senate approved the bill last week by a vote of 30 to 6. The House had earlier approved the measure by a vote of 75 to 30. The Detroit City Council approved the plan last November, saying the city would need to issue the debt by February to avoid running out of money.