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Fri March 9, 2012
Detroit mayor to ask Mich. for $125M-$150M loan
Update 7:15 a.m.:
Bing spokeswoman Naomi Patton said in an email to The Associated Press on Friday morning that the mayor has no such specific plans, however, to seek the help from Republican Gov. Rick Snyder.
Detroit Mayor Dave Bing plans to ask the state of Michigan for a $125 million to $150 million loan to shore up Detroit's finances and avoid a state-appointed emergency manager.
Bing's plans to seek the help from Republican Gov. Rick Snyder were reported Thursday evening by The Wall Street Journal following an interview with the Democratic mayor.
The Detroit News reported Friday that Bing's office confirmed the plans. Bing spokeswoman Naomi Patton tells the newspaper a request hasn't yet been formally made to Snyder.
The Associated Press sent emails Friday morning seeking comment from Patton and the governor's office.
Detroit faces cash flow problems and a nearly $200 million budget deficit. Bing and Snyder have said they would prefer to avoid an emergency manager. A consent agreement is a possibility.