DETROIT (AP) -- Mayor Dave Bing has received City Council approval to sell $250 million in fiscal stabilization bonds to help wipe out Detroit's deficit.
Bing made the request Friday. The Detroit Free Press reports the council passed it by a 6-2 vote, with Council President Ken Cockrel Jr. and Councilwoman Sheila Cockrel voting against it.
State revenue sharing funds would pay off the bonds within 20 years.
The city's top financial officer says Detroit's accumulated operating deficit was about $326 million at the end of June, and likely will grow by another $42 million by June 30, 2010.
Council Fiscal Analysis Director Irvin Corley advised the council to approve the bond sale, saying Detroit could run out of money by January and face state receivership within three years.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
