Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LANSING, Mich. (AP) - Michigan Gov. Rick Snyder and legislative leaders are supporting a plan to commit state money to shore up Detroit pension funds at risk in the city's bankruptcy.
The governor scheduled a Wednesday afternoon news conference in Lansing to make the announcement with top Republicans in the Legislature.
Snyder has been limited in what he can say publicly about state aid for Detroit because of the confidential mediation process. But last week he was privately gauging support among lawmakers for a state commitment of roughly $350 million over 20 years, matching $330-plus million in commitments to date from foundations to bolster Detroit's pension funds and prevent the sale of city-owned art.
Senate Majority Leader Randy Richardville personally likes the proposal but says his Republican caucus hasn't committed to it yet.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
