Post by Logan on Feb 26, 2016 0:26:42 GMT -6
The Detroit school district is teetering on the brink of payless pay days and financial disaster, but declaring bankruptcy is not a viable option, State Treasurer Nick Khouri told lawmakers Wednesday.
The Legislature must act on a legislative rescue package, Khouri said.
“When the district runs out of cash, which is coming up quick without legislative action, there will be payless pay days,” he told the Michigan House Appropriations Committee in Lansing.
The debt owed by Detroit Public Schools is an obligation of the state that lawmakers cannot ignore, Khouri said.
Read more: www.detroitnews.com/story/news/politics/2016/02/24/dps-hearing/80855346/
The Legislature must act on a legislative rescue package, Khouri said.
“When the district runs out of cash, which is coming up quick without legislative action, there will be payless pay days,” he told the Michigan House Appropriations Committee in Lansing.
The debt owed by Detroit Public Schools is an obligation of the state that lawmakers cannot ignore, Khouri said.
Read more: www.detroitnews.com/story/news/politics/2016/02/24/dps-hearing/80855346/