DETROIT, MI – The Detroit Financial Review Commission on Thursday, February 12th, 2015, approved three measures related to the City of Detroit, pursuant to its responsibilities under Public Act 181 of 2014, which created the commission to ensure the City of Detroit meets various post-bankruptcy and statutory requirements.
The FRC unanimously supported a resolution approving Detroit Water and Sewerage Department sewage disposal revenue bonds, as part of the State’s Revolving Fund program. Bond proceeds will be used to finance DWSD capital improvement projects.
The FRC also approved two contracts, submitted by the Detroit Department of Health and Wellness. The contracts, totaling $2.8 million, were approved by City Council prior to being submitted to the FRC.
State Treasurer Kevin Clinton, chair of the FRC, also announced that retired bankruptcy attorney Ron Rose has been named executive director of the commission. Rose spent more than 40 years at Dykema Gossett, PLLC where he founded and chaired the firm’s bankruptcy practice. Rose most recently assisted the City of Highland Park through a neutral evaluation process, pursuant to Public Act 436, the Local Financial Stability and Choice Act.
“Ron’s extensive experience with bankruptcy and restructuring will serve him well in this important post,” Treasurer Clinton said. “Ron is well respected in Michigan’s legal community and members of the Financial Review Commission look forward to working closely with him.”
Rose, whose appointment begins in early March, will receive an annual salary of $130,000.
Financial Review Commission members include State Treasurer Clinton, State Budget Director John Roberts, Detroit Mayor Mike Duggan, City Council President Brenda Jones, and appointees Darrell Burks, Stacy Fox, Lorron James, Bill Martin, and Tony Saunders.