- Posted December 10, 2013
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Bankruptcy judge gives go-ahead for lighting plan
DETROIT (AP) -- A federal judge has cleared the way for Detroit's Public Lighting Authority to immediately sell $60 million in bonds to begin fixing thousands of broken streetlights.
Judge Steven Rhodes issued his order last Friday -- three days after he allowed Detroit to become the largest U.S. city to enter bankruptcy.
Total financing for the lighting plan is expected to reach $210 million.
Rhodes' ruling also means $12.5 million in annual utility taxes approved by the state Legislature to back the bond sale will not be affected by the bankruptcy.
Lighting Authority Executive Director Odis Jones says he expects to close on the initial bond sale "within the next five to seven business days."
Fewer than half of Detroit's 88,000 streetlights are believed to work.
Published: Tue, Dec 10, 2013
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