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$120 million Detroit financing plan going to vote

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March 25, 2014 10:04 AM EST | AP


DETROIT (AP) — A state board involved in Detroit's financial reorganization has scheduled a meeting Tuesday to consider city leaders' proposal for a $120 million loan.

The announcement of the Lansing meeting Monday didn't detail the proposal, but the Detroit Free Press reports Detroit's been in talks with Barclays LLC to borrow $120 million to speed the restructuring.

State-appointed emergency financial manager Kevyn Orr is leading the city of 700,000 through a federal bankruptcy reorganization as a way to pare down its $18 billion debt.

Orr and Gov. Rick Snyder in New York spoke Monday at a Manhattan Institute for Policy Research conference on Detroit's reorganization.

Orr says improving services is a major part of the restructuring.

Snyder says the bankruptcy filing was needed "to give services to the citizens that they deserve."