 Detroit is the largest city in the U.S. state of Michigan and the seat of Wayne County. Today, it is known as the world's traditional automotive center and an important source of popular music—legacies celebrated by the city's two familiar nicknames, Motor City and Motown.
Detroit is currently experiencing a downtown revival with the construction of the Compuware headquarters, a recently renovated Renaissance Center, three gambling casinos, new stadiums, and a Riverwalk. The city serves as an entertainment hub for the metropolitan region. (Information provided by Wikipedia .)
If you are looking at visiting, Detroit certainly offers the best to its visitors.
Whether you are looking at relocating, visiting this awesome city, or enjoying your community, Connecting Detroit is here to aid in locating all the area has to offer! |
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MAYOR COCKREL ANNOUNCES AGREEMENT WITH INVESTORS THAT AVOIDS $400 MILLLION PAYMENT BY CITY |
3/31/2009
Detroit News
Detroit Mayor Ken Cockrel, Jr. announced today that an agreement in principle has been reached that will allow the City of Detroit to avoid a one-time, $400 million payment to a group of investment companies.
The agreement, which must be ratified by Detroit City Council, removes a serious threat to the City’s finances created by a 2006 transaction that was intended to limit the rate of interest the City paid to buyers of pension-related debt securities.
“A huge weight has been lifted from our balance sheet, thanks to the diligent and skillful work of the Detroit Finance Department, led by Chief Financial Officer Joe Harris,” Mayor Cockrel said. “The importance of this agreement to Detroit taxpayers and the City budget cannot be underestimated.”
Detroit faced having to pay $400 million to holders of bond contracts, also known as derivatives, that made it possible for the City to gain more favorable interest rates on its pension obligation certificates. City officials entered into agreements in 2006 that
swapped variable interest rates on its pension debt for fixed rates. However, drastic changes in credit markets since last fall led to a downgrade by Wall Street credit agencies of both Detroit’s credit rating and the rating of insurance companies that insured the City’s interest rate swap. Under the terms of the swap agreement, those downgrades allowed for a termination of the 2006 deal and a payment by the City of Detroit to investors, estimated at $400 million.
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CITY OF DETROIT TO PROVIDE PRESCRIPTION DISCOUNT CARD |
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3/30/2009
Detroit News
Detroit will soon introduce a program that will give residents a new tool to provide some relief from the high cost of prescription drugs. The City is making free prescription drug discount cards available to city residents through a program sponsored by the National League of Cities (NLC). The discount cards offer average savings of 20 percent off the retail price of commonly prescribed drugs.
Available in a month, the discount cards may be used by all residents of Detroit and has no restrictions based on the resident's age, income level, or existing health coverage. The NLC card can be used when purchasing prescription drugs at most pharmacies around the city, as well as at more than 59,000 participating retail pharmacies across the country.
“In the current economic climate, where many people are watching what they spend, the NLC prescription discount card will offer significant savings on the purchase of prescription medications for our residents,” said City Clerk Janice Winfrey. “Whether or not an individual has prescription coverage, this program can make it easier for our residents to afford the drugs they need to deal with a short-term illness or stay healthy by managing a chronic condition.”
NLC and Detroit are able to make these money-saving cards available to city residents at no cost to the individual. A future announcement will provide information on how and when residents may obtain the cards.
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