State says Detroit has missed another deadline and will not receive bond payment

(WXYZ) - The state says the City of Detroit has missed another deadline and will not be getting a $20 million bond payment from the state.

The deadline was in a memo of understanding between the city and the state that outlined several things Detroit had to do with finances.

There is now a greater likelihood the state will takeover Detroit by the end of January.

A 30-day review is underway. This puts even greater pressure on Mayor Dave Bing who is still working on his own plan that includes city employee layoffs and unpaid furlough days.

"Although the city will not meet all of the December 14th milestones included in the Memorandum of Understanding, we continue to have discussions with and work with the city to ensure it is addressing and accomplishing needed reforms and to ensure the city maintains adequate cash resources," stated Terry Stanton of the Michigan Department of Treasury. 

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