Detroit Mayor Supports $500.5M Schools Bond Issue
The financial manager for Detroit's public schools has enlisted — and received — the support of the city's mayor on an ambitious $500.5 million building plan expected to extend taxes for district capital projects through 2039.
But some say Detroit's rapidly declining tax base could affect the amount residents would pay for the two federal bonds or push the payments past the bonds' repayment date. The Detroit School Board also has declined to back the proposal, saying it was concerned there wouldn't be enough oversight of how the money is spent.
Mayor Dave Bing on Wednesday urged voters to approve Proposal S in the Nov. 3 general election, calling it "the best thing that can happen for the city of Detroit...
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