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Thread: Detroit May Run Out of Cash In A Week If Consent Lawsuit Not Withdrawn

  1. #1
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    Default Detroit May Run Out of Cash In A Week If Consent Lawsuit Not Withdrawn

    City officials: Detroit will go broke in a week if consent deal lawsuit isn't withdrawn


    The city of Detroit will run out of cash a week from today if a lawsuit challenging the validity of a consent agreement is not withdrawn, city officials said this morning.

    Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15, but it should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a portion of the $80 million in bond money needed to help keep the city afloat.

    The battle ultimately could lead to an emergency manager if state officials deem the city to be in violation of the consent agreement that gives the state significant control over Detroit’s finances.

    Deputy Treasurer Thomas Saxton told the city Thursday that the lawsuit against the consent agreement could force the state to hold back from the city $80 million in revenue sharing that was used, essentially, as collateral for interim refinancing of bonds issued in March so Detroit would not run out of cash.

    Detroit has already used $35 million of the $80 million. The money is in an escrow account, but based on the letter, city officials will not be able to draw down any more of the money, Martin said.

    “If our city runs out of money, there is no bigger crisis that we would have in our city,” Detroit Mayor Dave Bing said this morning, adding that his frustration level is “off the charts.”

    Read more:

    http://www.freep.com/article/2012060...025/1001/rss01
    Trust in the Lord with all your heart, and do not lean on your own understanding; in all your ways acknowledge Him, and He will direct your paths. -- Proverbs 3:5-6

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  2. #2
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    Quote Originally Posted by The Hammer View Post
    The city of Detroit will run out of cash a week from today if a lawsuit challenging the validity of a consent agreement is not withdrawn, city officials said this morning.
    Spending more than you bring in does have its consequences…eventually.

  3. #3
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    Default Sing Along! (It's A Small World)

    It's a Socialist PAW World,
    in Detroit
    It's a Socialist PAW World,
    in Detroit
    It's a PAW, PAW World!
    They swore, if we gave them our weapons, that the wars of the tribes would cease.
    “As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”

    "You think a wall as solid as the earth separates civilisation from barbarism. I tell you the division is a sheet of glass."



  4. #4
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    Quote Originally Posted by lenno View Post
    it's a socialist paw world,
    in detroit
    it's a socialist paw world,
    in detroit
    it's a paw, paw world!
    paw???

  5. #5
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    Default

    "PAW"
    Post Appocolyptic World
    They swore, if we gave them our weapons, that the wars of the tribes would cease.
    “As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”

    "You think a wall as solid as the earth separates civilisation from barbarism. I tell you the division is a sheet of glass."



  6. #6
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    Default

    Quote Originally Posted by Lraiser View Post
    Spending more than you bring in does have its consequences…eventually.
    You mean I can't be uneducated, lazy and make minimum wage and still get everything I want by taking money from others?

    If you are reading this. You are the resistance.

  7. #7
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    Quote Originally Posted by Kayso View Post
    You mean I can't be uneducated, lazy and make minimum wage and still get everything I want by taking money from others?
    Obobo has an App for that, it's called Race War!
    http://www.thetreeofliberty.com/vb/s...d.php?t=164358
    They swore, if we gave them our weapons, that the wars of the tribes would cease.
    “As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”

    "You think a wall as solid as the earth separates civilisation from barbarism. I tell you the division is a sheet of glass."



  8. #8
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    Default Absolutely!

    Quote Originally Posted by Kayso View Post
    You mean I can't be uneducated, lazy and make minimum wage and still get everything I want by taking money from others?
    Yes!
    That is the problem with Socialism that they cannot fix.
    Eventually you run out of money to give those who do not earn it taken from those who do.
    There simply is not enough (unless you are the government and so you simply print more)
    • Philippians 4:6-7 “Be anxious for nothing, but in everything through prayer with thanksgiving, let your requests be made know to God”
    The Apostle Paul told us to not worry about anything.
    What should we do instead of worrying?
    1. Pray for what you need as well as for what you want.
    2. Tell God that you are thankful for what he has already given you.
    3. Request from God everything you need for the day, every day.
    Libertatem a Calumnia (Freedom from Oppression)

  9. #9
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    Default

    What's left in actual Detroit these days? That's not a sarcastic question. Other than the college campuses, the city departments, and the banks and restaurants that support those, is anything else open?

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    Quote Originally Posted by Meemur View Post
    What's left in actual Detroit these days? That's not a sarcastic question. Other than the college campuses, the city departments, and the banks and restaurants that support those, is anything else open?
    According to the locals: "White Man's Greed" dominates
    They swore, if we gave them our weapons, that the wars of the tribes would cease.
    “As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”

    "You think a wall as solid as the earth separates civilisation from barbarism. I tell you the division is a sheet of glass."



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