In this morning's headlines: NERD fund gone, HiPark financial trouble, Det Council rejects loan deal

Oct 22, 2013

Gov. Snyder shuts down NERD fund

"Governor Rick Snyder’s controversial NERD Fund will be shut down this week and replaced. Its official name is the New Energy to Reinvent and Diversify Fund. Governor Snyder used the fund to pick up costs he says should not be paid by taxpayers," Rick Pluta reports.

Highland Park could have an Emergency Manager soon

A state board has determined that the city of Highland Park has probable financial distress. Gov. Rick Snyder will next appoint a review team which could lead to an appointment of an emergency manager. According the Associated Press, "The Local Emergency Financial Assistance Loan Board also determined there is no probable financial distress in Ecorse Public Schools. A similar hearing is scheduled Wednesday for Royal Oak Township."

Detroit City Council rejects loan deal from EM

"The Detroit City Council has rejected a proposed $350 million loan deal. Emergency manager Kevyn Orr . . . planned to use most of the $ 350 million to pay off two banks. That’s controversial because he’s proposed much steeper cuts for other Detroit creditors. Bankruptcy court Judge Steven Rhodes will have to sign off on the deal," Sarah Cwiek reports.