Post by Logan on Jun 28, 2016 0:46:47 GMT -6
The Board of Education for Detroit Public Schools has rejected requests to borrow up to $385 million, money that district officials say is crucial for the transition to a new debt-free district.
"We are questioning and have questioned Judge (Steven) Rhodes' wisdom in recommending our body adopt his proposed resolution," LaMar Lemmons, the new board president, said during a press conference before a board meeting at which members voted unanimously to reject a request for two loans.
Lemmons said the board plans to submit an alternative plan at its meeting at 10 a.m. Wednesday.
Rhodes, a retired federal judge serving as the emergency manager for DPS, asked board members to approve a $150 million emergency loan to help the district with the transition costs that are part of the legislation to restructure DPS, as well as $235 million tied to bond refinancing.
Read more: www.freep.com/story/news/education/2016/06/27/detroit-school-board-reject-district-loans/86426922/
"We are questioning and have questioned Judge (Steven) Rhodes' wisdom in recommending our body adopt his proposed resolution," LaMar Lemmons, the new board president, said during a press conference before a board meeting at which members voted unanimously to reject a request for two loans.
Lemmons said the board plans to submit an alternative plan at its meeting at 10 a.m. Wednesday.
Rhodes, a retired federal judge serving as the emergency manager for DPS, asked board members to approve a $150 million emergency loan to help the district with the transition costs that are part of the legislation to restructure DPS, as well as $235 million tied to bond refinancing.
Read more: www.freep.com/story/news/education/2016/06/27/detroit-school-board-reject-district-loans/86426922/