Detroit Creditor Proposal

7/28/2019 Detroit Creditor Proposal

1/66

EXHIBIT B


2/66

CITYOFDETROIT

PROPOSALFOR

CREDITORS

EXECUTIVESUMMARY

JUNE14,2013

13-53846 Doc 11-2 Filed 07/18/13 Entered 07/18/13 21:44:51 Page 2 of 66


3/66

This proposal is based on numerous projections and assumptions

concerning future uncertain events including estimates of tax revenues

and forecasts of future business and economic conditions in the Cit all

of which are beyond the control of the City. Actual results may differfrom the assumptions and projections presented herein, and such

differences could be material.

Additional data are being gathered or developed, and various critical

financial and operational analyses remain in process. Thus, this

proposal remains subject to material change.

OFFICEOFTHEEMERGENCYMANAGER



4/66

TableofContents

I. DetroitFacesStrongEconomicHeadwinds 3

II. KeyObjectivesforaFinancialRestructuringandRehabilitationofDetroit 33

III. CurrentFinancialStatus 34

IV . T eC tyHasTa enAct ontoA ressItsF nanc a C a enges 39

V. RestructuringandReinvestinginCityGovernment 41

.

VII. TenYearProjections(GeneralFundOnly) 47

VIII. Restructurin Pro osal 50

IX. CalendarandContacts 61




5/66

I. DetroitFacesStrongEconomicHeadwinds.

.

,

Detroit(the"City")hasexperiencedchangesthathaveadverselyaffectedtheeconomiccircumstancesoftheCityanditsresidents.

350,000

300,000

325,000

275,000

,

2000 2001 2003 2005 2007 2009 2011 2012

OFFICEOFTHEEMERGENCYMANAGER 1



6/66


30

UnemploymentRateinDetroit

20

25

10

15

5

2000 2001 2003 2005 2007 2009 2011 2012




7/66


.- PropertyTaxes. Propertytaxrevenueshavedecreasedbyapproximately19.7%

overthepastsixyearsasaresultofdecliningassessedvalues($1.6billionfrom2008to2012)andlowercollectionrates(from76.6%in2008to68.3%in2012).

- IncomeTaxes. Incometaxrevenueshavedecreasedby$91millionsince2002(approximately

30%)

and

by

$44

million

(approximately

15%)

since

2008.

The

primarycauseofthesedecreaseshasbeenhighunemployment.

- TheCityiscurrentlylevyingalltaxesatornearstatutorymaximumrates.




8/66


.

ComparativeTaxBurden.- PerCapitaTaxBurden. DetroitspercapitataxburdenonCityresidentsisthe

highestinMichigan. Thistaxburdenisparticularlyseverebecauseitisimposedonapopulationthathasrelativelylowlevelsofpercapitaincome.

- ResidentIncomeTax. TheincometaxburdenonDetroitresidentsisgreaterthanthatofresidentsinthesurroundingarea. TheCity'sincometax 2.4%forresidents,1.2%fornonresidentsand2.0%forbusinesses isthehighestinMichigan.

- PropertyTaxes. Detroitresidentspaythehighesttotalpropertytaxrates(inclusive

ofproperty

taxes

paid

to

all

overlapping

jurisdictions;

e.g.,

the

City,

the

State,

Wayne

Count ofthose aidb residentsofMichi ancitieshavin a o ulationover50,000. Thetotalpropertytaxrate(includingpropertytaxesassessedbytheCity,theStateandvariousspecialauthorities)imposedonDetroithomeownersisapproximately67.07mills;forbusinesses,thetotalpropertytaxrateisapproximately85.35mills.

- Atmore

than

19.95

mills,

the

City's

property

tax

rate

for

general

operations

is

closetothestatutorymaximumof20.00mills.

- UtilityUsersTax. DetroitistheonlycityinMichiganthatleviesanexcisetaxon


.

4



9/66


ContinuingBudgetDeficits.

Excludingtheeffectofrecentdebtissuances(e.g.,$75millioninFY2008,$250million inFY2010and$129.5millioninFY2013)thatfundedtheCity'soperatingdeficits,theCity'saccumulatedgeneralfunddeficithasgrowncontinuouslyoveranextendedperiod.

AttheendofFY2012,theCit 'saccumulated eneralfunddeficitwas$326.6million.


IfnotfortheCitysrecentdebtissuances,theprojectedaccumulateddeficitforFY2013wouldhavebeenapproximately$700million.

5



10/66


.

.

formofpaymentdeferralsandcostcutting),theCitywouldhaverunoutofcashbeforetheendofFY2013.

TheCityhadnegativecashflowsof$115.5millioninFY2012,excludingtheimpactofprocee s roms or erm orrow ngs. n arc , oavo runn ngou o cas , e

Cityborrowed

$80

million

on

asecured

basis

(of

which

the

City

spent

$50

million

inFY2012).

TheCityisprojectingtohavepositivecashflowsof$4.0millioninFY2013aftere err ngapprox mate y m ono currentan pr oryearpens oncontr ut ons

andotherpayments.

Absentinterventionand/orrestructuring,theCityisprojectingtohavenegativecashflows

of

$198.5

million

in

FY

2014.

AsoftheendofMay2013,theCityhad$68millionofcashbeforepropertytaxdistributions,buthadoutstandingdeferralsandamountduetootherfundsandentitiesofapproximately$216million. Theseareeffectivelyborrowingsandmustberepaid.




11/66


TheCityisnotmakingitspensioncontributionsastheycomedue. TheCityhasdeferredpaymentofitsyearendPoliceandFireRetirementSystem("PFRS")contributions(andfinancessuchdeferralsatarateof8%). AsofMay2013,the

y a e erre approx ma e y m on npens oncon r u onsre a e o

currentand

prior

periods

and

will

defer

approximately

$50

million

on

June

30,

2013

forcurrentyearPFRS pensioncontributions. Therefore,byfiscalyearend,theCitywillhavedeferredover$100millionofpensioncontributions.

e tyw notma et esc e u e . m onpayments ueon tspensionrelatedcertificatesofparticipationonJune14,2013.




12/66


FY2013

Forecasted

Cashflow

to

Year

End




13/66


FY2014

Forecasted

Cash

Flow

to

Year

End




14/66


TheCityMustReduceItsHighCrimeRates.

Severely Inadequate.

. .populationover200,000. TheCity'sviolentcrimerateisfivetimesthenationalaverage.

EMSandDetroitFireDepartment("DFD")responsetimesareextremelyslowwhen, .

TheCityMustProvideFunctioningStreetLights.

AsofApril2013,approximately40%oftheCity'sstreetlightswerenotfunctioning.The

lights

that

are

functioning

are

scattered

across

an

outdated

population

footprint

(andthusarenotfocusedtomeetthecurrentpopulation'sactualneeds).

TheCityMustOverhaulItsDysfunctionalOperations.

PoliceDepartment("DPD").

- ver e as veyears, e as a ve eren po cec e s,a av ngvarying

approaches

to

DPD's

operations.

- DPD'sefficiency(responsetimes),effectiveness(caseclosurerate,crimereduction)andemployeemoraleareextremelylow.


- DatadrivenpolicinghasnotbeenfullyadoptedwithinDPD.

10



15/66


- , .extremelyhigh.

- TheDPD'sextremelylow8.7%caseclearancerateisdrivenbytheDPD'slackofacasemanagementsystem,lackofaccountabilityfordetectives,unfavorableworkru es mpose yco ec ve arga n ngagreemen san a g a r onra e n e

investigative

operations

unit.

- TheDPD'smanpowerhasbeenreducedbyapproximately40%overthelast10yearscausingconstantstrainontheorganization;theDPDneedstoevaluateappropriateun ormsta ng eve s.

- Communitypolicingeffortsareunderfunded,uncoordinatedandhavebeendeemphasizedbytheDPD.

Assessor'sOfficeandPro ert TaxDivision.

- TheCitylacksastaterequiredLevelIVAssessorandcurrentlyhasaformeremployeecontractorintheposition,whosecontractexpiresinJune2013. Duetoinadequatecompensation,amongotherthings,therearenoavailablecandidatesto

.

- TheAssessorsOfficehasapproximately15,000parcelsperemployee. TheStaterecommends4,000parcelsperemployee.

OtherDepartments.


- ManyotherCitydepartmentsfunctionsuboptimallyandinefficiently.

11



16/66


.

Thereareapproximately(i)78,000abandonedandblightedstructuresintheCity,nearlyhalfofwhichareconsidered"dangerous"and(ii)66,000blightedandvacantlotswithintheCitylimits.

ThenumberofCityparksisdwindling,andmanyareinpoororfairconditionasa

resultof

neglect

due

to

lack

of

funding.

- Theclosureof210parksinthe200809fiscalyearreducedtheCity'sparkportfolioby66% from317parksto107parks.

Approximately70superfundsiteshavebeenestablishedinDetroit.

TheCity'selectricitygridhasnotbeenadequatelymaintainedandisdeteriorating.

TheCity'sfirestationsareoldandarenotadequatelymaintained. ThevehiclesandequipmentemployedbytheCity'spolice,fire,EMSand

transportationpersonnelareaging,poorlymaintainedandlackadequateinformationtechnology.




17/66


FireDepartment.

Equipment for Years.

squads(specializedrescuevehicles);(iv)onehazardousmaterialapparatus;(v)one

TACunit

(a

mini

pumper)

and

(vi)

36

ambulances

and

other

light

vehicles.

DFD'sfleethas"manymechanicalissues,"containsnoreservevehiclesandlacks.

- TheApparatusDivision'smechanictovehicleratioof1:39(oncestaffedwith63people;currently26)resultsinaninabilitytocompletepreventativemaintenance

onschedule.

- Detroitfirefightersfrequentlyoperateshorthandedduetoalackofserviceableequipment.

EMSFleet.

- ' ,

werein

service.

- SomeoftheCity'sEMSvehicleshavebeendriven250,000to300,000miles,andbreakdownfrequently.




18/66


.

AgeofPoliceCars

- TheDPDoperateswithan"extremelyoldfleet"of1,291vehicles. MostDPDpolicecruiserslacknecessaryinformationtechnology.

- Amajorityofvehiclesinthefleetremaininservicebeyondanormalthreeyearreplacement

cycle.

Operating

with

an

aged

fleet

drives

up

maintenance

costs.

Facilities

- e asnot nveste norma nta ne ts ac ty n rastructure ormanyyears,contributingtolowemployeeandcitizenmorale.

InformationSystems

Challen es enerall :

- Oldandobsoletetechnologyassetsandapplicationsmustbeupgraded.

- ITinfrastructureisnotintegratedwithinDepartments(e.g.,policeprecinctsanddistrictscannotshareinformationacrossITsystems)orbetweendepartmentsandunc ons e.g., e ono n egra on e weencore y nancesys eman

Departmentlevel

systems).

- City urgentlyneedstoupgradeorreplacethefollowingITsystems,amongothers:payroll;financial;budgetdevelopment;propertyinformationandassessment;


incometax;andDPDoperatingsystem.

14



19/66


,- DPD,DFDandEMSinformationtechnologysystemsareobsolete;vendorsdonot

providefullsupport;corefunctionsaresporadic.

- DPDhasnoITsystemsforjailmanagement,electronicticketingandactivitylogs.DPDvehicleslacknecessaryITinfrastructure.

PayrollSystem- TheCityusesmultiple,nonintegratedpayrollsystems. Amajorityofemployees

toclearlytrack,monitororreportexpendituresbycategory.

- ThecostofpayrolladministrationfortheCityissignificantlyhigherthanfor

comparableentities

almost

3.5

times

more

costly

than

other

public

sector

, .

IncomeTaxDivision

- Incometaxcollectionanddatamanagementarehighlymanual.

- ' ,

tono

automation

capability

and

is

"catastrophic"

per

an

IRS

audit

completed

in

July2012.




20/66


,- OraclebasedFinancialReportingsystemwasimplementedin1999. Itisnotbeing

utilizedtoitsfullcapabilitiesandisnolongersupportedbyitsmanufacturer.

- Approximately70%ofjournalentriesarebookedmanually.

GrantManagementSystem

- Granttrackingsystemsarefragmented. Thus,theCityisunabletocomprehensivelytrackcitywidegrantfundsandstatus.

- rantreport ng snotstan ar ze ,suc t att e ty suna etopreventdisallowedcosts.

Permitting

- TheBuildin s Safet En ineerin andEnvironmentalDe artment'ss stemforlicensingandpermittingismorethantenyearsoldandneedstobeupgraded.

- TheFireMarshallDivision'ssystemforinspectionsandpermittingismorethan20yearsoldandneedstobereplaced.

- urren n orma on ec no ogysys em e c enc es ea o o enec s nperm invoicing

and

collection

of

fees.

DepartmentofTransportation. DDOTfleetisagedandmaintenanceisconsistentlydeferred;approximatelyonethirdofDDOTfleetisoutofservice.




21/66


TheCityownedMisterskypowerplanthasbeenidleforapproximately23years,buthasnotbeendecommissioned.Inaddition,theCityhas31substationsthatwouldneedtobedecommissioned.TheCityisintheprocessofobtainingestimatesfor

ecomm ss on ngcos s.

Approximately40%ofDetroit's88,000streetlightsarenotfunctioningdue,inlargepart,todisrepairandneglect;outagesexistonbothDTEEnergyCompany("DTE")andPLDpoweredlights.




22/66


BalanceSheetLiabilities

TheCityestimatesthat,asofthecloseofits2013fiscalyear,theCitywillhaveliabilitiesreflectedonitsbalancesheetofapproximately$9.05billion,including:

.

- $5.85billioninspecialrevenueobligations;

- $1.43billioninpensionrelatedCertificateofParticipation("COPs")liabilities;

- $343.6millioninmarkedtomarketswapliabilitiesrelatedtoCOPs(asofay , va uat on ;

- $1.13billioninunlimitedandlimitedtaxgeneralobligationbondliabilitiesandnotesandloanspayable;and

- 300millioninotherliabilities.




23/66


OPEBLiabilities.

- Unfundedotherpostemploymentbenefit ("OPEB")liabilitiesincreasedfrom$4.8 billionto$5.7 billionfromJune 30, 2007throughJune30,2011(themostrecentactuarialdataavailable). 99.6%oftheCity'sOPEBliabilitiesareunfunded.

- AsofJune30,2011(themostrecentlypublishedactuarialvaluation),therewere19,389retireeseligibletoreceivebenefitsundertheCity'sOPEBplans. ThenumberofretireesreceivingbenefitsfromtheCityisexpectedtoincreaseovertime.

- WeilerClassOPEBBenefits.

- InJuly2006,theCitymadeanumberofunilateralchangestothehealthcare

benefitsfor

unionized

police

and

firefighter

retirees.

Alan

Weiler

filed

aclass

, collectivebargainingagreements.

- TheCityandtheWeiler classsettledbeforetrial,andthecourtenteredaConsentJudgmentapprovingtheparties'settlementagreement.

- The

Weiler class

retirees/beneficiaries

currently

cost

the

City

approximately

$75millionperyear,representingover40%ofretireebenefitscostsundertheHealthandLifeInsurancePlan.




24/66


- TheCity'sreportedpensionUAAL(basedon2011actuarialvaluations)of

$639,871,444issubstantially understated. Furtheranalysisusingmorerealisticassumptions(includingbyreducingthediscountratebyonepercentagepoint)sugges s a pens on w eapprox ma e y . onaso une , .

- UAALundertheCity'stwopensionsystems theGeneralRetirementSystem("GRS")andthePFRS increasedbyover$1billionbetweenJune30,2007andJune 30, 2011,even(i)usingactuarialassumptionsusedtocalculate2011UAALand

a tercons erat ono t econtr ut ono t e sprocee s n an .

- ForthefiveyearperiodendingonJune30,2012,pensionpaymentsandcostsofadministrationhaveexceededcontributionsandinvestmentincome,resultingin

liquidationof

pension

trust

principal.

Continuing

on

this

path

will

eventually

lead

tothepensionplansinsolvency.

Contribution/Investment

Income

GRS $1,601,193,045 ($60,113,101) $1,661,306,146

PFRS $1,445,581,026 ($127,803,339) $1,573,384,365




25/66


26/66


TheCityestimatesthat,asoftheendofFY2013,itwillhave:

- $5.34billioninoutstandingprincipalamountofrevenuebonds;and

- .

Therevenuebondsandtherevolvingloansarerelatedtothefollowingfunds:

- SewageDisposalFund

- $2.82billioninoutstandingprincipalamountofnotesmaturingJuly1,2013throughJuly1,2039,asofJune30,2013.

- $472.8millioninoutstandingprincipalamountofstaterevolvingloans,asofJune30,2013.

- ,expenses,pledgedtosecurepaymentofprincipalandinterest.

- Netsystemrevenuesof$227,447,337versusdebtservicerequirementsof$199,990,125inFY 2012.




27/66


- - $2.52billioninoutstandingprincipalamountofvariousseriesofnotesmaturing

July1,2013throughJuly1,2041,asofJune30,2013.

- $21.4millioninoutstandingprincipalamountofstaterevolvingloans,asofJune30,2013.

- Substantiallyall

of

the

revenues

of

the

City's

water

system,

net

of

operating

expenses,pledgedtosecurepaymentofprincipalandinterest.

- , , $153,441,666inFY 2012.

- AutomobileParkingFund

- $9.3 millionin

outstanding

principal

amount

of

Detroit

Building

Authority

Revenue

RefundingBonds:ParkingSystem,Series1998AmaturingJuly1,2010throughJuly1,2019,asofJune 30, 2013.

- Substantiallyallrevenuesoftheparkingsystem,netofoperatingexpenses,pledgedtosecurepaymentsofprincipalandinterest.

- Netsystem

revenues

of

$2,708,223

versus

debt

service

requirements

of

$2,923,454inFY 2012.




28/66


GOBonds. TheCityestimatesthat,asofthecloseofFY2013(i.e.,June30,2013),itwillhave$1.01 billioninoutstandingprincipalamountoflimitedandunlimitedtaxgeneralobligationbonds,consistingof:

- $469.1millioninoutstandingprincipalamountofunlimitedtaxgeneralobligation

(UTGO)bonds

maturing

from

April

1,

2013

through

November

1,

2035.

- $100millionoftheforegoingbondsaresecuredbyasecondlienondistributablestateaid.

- $540.3 millioninoutstandingprincipalamountoflimitedtaxgeneralobligation(LTGO)bondsmaturingApril1,2013throughNovember1,2035.

- Issuanceof

LTGO bonds

do

not

require

voter

approval.

They

are

payable

from

.

- $249.8millionoftheLTGObondsaresecuredbyafirstlienondistributablestateaid. $129.5millionoftheLTGObondsaresecuredbyathirdlienondistributablestateaid.




29/66


. , , ,have$121.5millioninotheroutstandinginstallmentnotesandloanspayablerelatedtovariouspublicimprovementprojects.

- $87.8millioninnotespayable(whichnoteswereissuedinconnectionwiththe" " " "ec on oan uaran ee rograman aresecure y u ure oc ran revenues).

- $33.7millioninloanspayable($33.6millionofwhichisanoninterestbearingunsecuredloanpayabletotheDowntownDevelopmentAuthorityasgeneraloperat ng un s ecomeava a e .

OnAugust23,2012,theCityissued$129.5millionofLTGO bondsata$9.1 millionpremium(generating$137millioninproceedsafterissuancecosts)inparttodefease

shortterm

bonds

issued

March

2012.

The

remaining

proceeds

of

these

issuances

were

setasidewithatrusteebankinanescrowaccounttoprovidefundsforreformsandliquidityinFY 2013. Thecurrentamountoftheescrowisapproximately$80million.




30/66


- In2005,servicecorporationsestablishedbytheGRSandPFRScreatedatrustthat

issuedtheCOPs.TheproceedsoftheCOPswerecontributedtotheCityspensiontrusts.

- PrincipalandinterestontheCOPsispayablesolelyfrompaymentsmadebytheCity

tothe

service

corporations

pursuant

to

service

contracts.

- TheCityestimatesthat,asofthecloseofFY2013,thefollowingamountswereoutstandingundertheCOPs:

- $480.3millioninoutstandingprincipalamountof$640,000,000CertificatesofParticipationSeries 2005AmaturingJune15,2013through2025;and

- $948.54 millionin

outstanding

principal

amount

of

$948,540,000

Certificates

, .

- TheCityhasidentifiedcertainissuesrelatedtothevalidityand/orenforceabilityoftheCOPsthatmaywarrantfurtherinvestigation.




31/66


.- InconnectionwiththeCOPs,theCityenteredintoeightpayfixed,receivevariable

interestrateswapseffectiveasofJune 12, 2006havingatotalnotionalamountof$800million.

- Recentvaluationsestablishthenegativefairvalueoftheswapsatapproximately

$343.6million

(as

of

May

31,

2013).

- January2009 TheCityreceivednoticefromtheswapcontractcounterpartiesthatdowngradingoftheCOPsandcertainswapinsurerswouldconstitutean"AdditionalTerminationEvent"undertheswapcontractsifnotcured.

- June2009 TheCityandtheswapcontractcounterpartiesagreedonanamendmenttotheswapagreements,eliminatingtheAdditionalTerminationEventand

the

otential

for

an

immediate

demand

for

a ment.

Pursuant

to

the

amendment,theswapcounterpartieswaivedtheirrighttoterminationpayments,andtheCityagreedto:

- directcertainwageringtaxrevenuestoatrustascollateralforthequarterly

a mentsowin totheswa counter arties;

- increase

the

interest

rate

of

the

swap

agreements

by

10

basis

points

effective

July1,2010;and

- includenewterminationevents,includingifCOPratingswerewithdrawn,

sus endedordown raded.




32/66


- Event;theCityandtheswapcounterpartiesareinnegotiationsregardingtheTerminationEvent.

- March2013 AppointmentofEmergencyManagerconstitutesaneventofdefaultr gger ngano er erm na on ven .

- Althoughthisproposalreflectstreatingtheswapobligationsasspecialrevenuedebtsecuredbythewageringtaxrevenues,thattreatmentisstillbeingreviewedbytheEmergencyManager.




33/66


.

TheCityestimatesthat,asoftheendofFY2013,theCitywillhave$300millioninotherliabilitiesoutstanding.

AsofJune30,2012,theCityowedatleast$264.6millioninotherliabilities,consistingprimarilyof:

- $101.2millioninaccruedcompensatedabsences,includingunpaid,accumulatedvacationandsickleavebalances;

- ' .

- $63.9millioninclaimsandjudgments,includinglawsuitsandclaimsotherthanworkers'compensationclaims;and

- $13.0millionincapitalleasesandaccruedpollutionremediation.




34/66


TheCityisorwasapartyto48collectivebargainingagreements(CBAs)andhasmadegreatstridesundertheConsentAgreementinreducingcostsimposedbyitsnumerousactiveandexpiredCBAsbetweentheCityandvariouslabororganizationsrepresenting

yemp oyees,manyo w c a eenamen e y n eres ar ra onawar s ssue byarbitratorsappointedpursuanttoPublicAct312. UndertheConsentAgreement,theCity

has

unilaterally

implemented

City

Employment

Terms

("CETs"),

which

were

approved

bytheFinancialAdvisoryBoard(the"FAB")appointedbytheGovernor,theTreasurer,. ,

substantialpercentageoftheCity'semployeesarenotgovernedbycurrentCBAs,andmanyareworkingunderCETtermsandconditionsofemploymentand/orthosetermsandconditionsimplementedorestablishedthroughstatutoryinterestarbitrations.

,workforceintheformofbudgetrequiredfurloughdays("BRF"),wagereductionsandreductionsinotherwagerelateditems,suchasvacationdays,sickdays,longevitypaymentsandovertimerules.TheCityimplementedBRFsequivalentto10% ofwages

.

August 2012,as

part

of

the

CET

implementation,

BRFs

were

eliminated

for

non

uniform

employeesandreplacedwithapermanent10%wagereduction.AdditionalBRFswereimplementedinFebruary2013affectingcertainnonuniformedemployees.




35/66


("DPOA")membersinAugust2012. DPOAchallengedtheCETsaspartofanAct312arbitrationprocess;adecisioninthatarbitrationreducesthe10%wagereductionto5%effectiveJanuary2014.

e s, mp emen e ona un onsw con rac sexp re onor e ore une , ,alsoincludedcompensationreductions,asfollows:

- Freezingsickleavebanksandeliminatingreservesickleaveaccrual;

- Eliminatingsicktimecashpayoutsforfutureearnedtime;

- Eliminatingtheabilitytoreinstatefurloughdays;

- Eliminatingthe$3perdayallowancefordailycarusage;

- Eliminatingfourtosixannualbonusvacationdays;and- Reducingvacationaccrualto160hoursfrom320hours.

ThefollowingadditionalCETchangeswereimplementedonDPOAmembers:

- Limitingpaidtimeforcourtiflessthantwohours;

- Eliminatingeducationalreimbursement;

- Requiring80hourstobeworkedinthepriorworkperiodtobeeligibleforovertime;

- Changingpaymentofholidayearnings;




36/66


- - Eliminatingtheoptiontoreceivepayforcourtandreturningtobankingthefirst

60hoursofcourttime;

- Eliminatingbonusvacationdays;and

- Delayingseparationpayments.

UnilaterallyimplementedCETsimposednumerousconcessionsonCityemployees,includingfreezing,reducingoreliminatingactiveemployeebenefits,reducingor

.alsonegatedseniorityprotectionsinvariousCBAsbyexpandingmanagementrights,modifyingmethodsandprocessesbywhichworkisperformed,changingshifts,hoursofoperationandovertimeprocedures;andrevisingoreliminatingjobclassifications. Inaddition

to

concessions

im osed

b

the

CETs

in

some

cases

and

as

noted

above

concessionshavebeengrantedthroughstatutoryinterestarbitrationprocesses.

Theselaborcostconcessionshavenotbeenuniformlyappliedtoallbargainingunits,andsomeCityemployeeshavenotbeenaffectedbythesemeasures. Therestructuringplan

(aswell

as

across

unrepresented

employees)

and

that

the

impact

of

these

concessions

on

employeesaremitigatedtotheextentpossible.




37/66


38/66

III. CurrentFinancialStatus

($inmillions) Fiscalyearendedactual Prelim.

2008 2009 2010 2011 2012 2013

Totalrevenues 1,397.7$ 1,363.3$ 1,291.0$ 1,316.8$ 1,196.9$ 1,121.9$

Operatingexpenditures (1,111.1) (1,025.3) (964.7) (887.5) (857.1) (692.0)

Legacyexpenditures (414.6) (462.0) (397.9) (486.1) (461.6) (477.3)

Defi ci t(excl .fi nanci ngproceeds ) (127.9) (124.1) (71.7) (56.9) (121.8) (47.4)

Financingproceeds 75.0 250.0 137.0Totalsurplus(deficit) (52.9)$ (124.1)$ 178.3$ (56.9)$ (121.8)$ 89.6$

AccumulatedunrestrictedGeneralFunddeficit 219.2$ 331.9$ 155.7$ 196.6$ 326.6$ 237.0$

TheCityhasmadesignificantprogressdecreasingoperatingcosts;however,revenueshavedeclinedmorequicklyandlegacycostshaveincreased.

,revenuesfromFY 2008toFY2012byanaverageof$100millionannually.




39/66


40/66


.- CityhasconsistentlydeferredyearendPFRS contributionsbyusingapaymentplan

financingarrangementincludingaccrualof8%interest(~$50millionforFY2012)

HealthBenefits Retiree.

- ThetotalcostofhealthcarebenefitsCitywideinFY2012wasapproximately

$275million,

of

which

approximately

$177 million

related

to

retirees.

- TheGeneralFundsportionofhealthcarecostsinFY2012wasapproximately, .




41/66


TheCityHasLimitedOptionsforFurtherRevenueGenerationand,intheAbsenceofaComprehensiveFinancialRestructuring,CostSavingMeasures.

,Budget Deficits Will Continue for the Foreseeable Future.

Legacyobligationscontinuetoincrease;

Limitedornoaccesstodebtcapitalmarkets; Diminishing,ifany,returnsfromfurthertaxincreases;and

Minimalpotentialforfurtherpayrollrelatedreductions.

AbsentStructuralChanges,theCity'sAccumulatedDeficitisExpectedtoGrowtoUnprecedentedLevels.

' , currentlevelof$326.6 milliontoover$1.35billionbyFY 2017.




42/66


43/66

IV. TheCityHasTakenActiontoAddressItsFinancialChallenges

Since2011,theCityhasreduceditsheadcountbymorethan2,700employees(from12,302 employeesasofcloseofFY2010toapproximately9,560asofMay31,2013).

TheCity'sheadcountreductionshaveresultedinannualsavingsofover$100 million.ReductionsofLaborCoststhroughImplementationofCityEmploymentTerms("CETs")

ImplementationoftheCETsprovidesforanestimated$102millioninannualsavings.RevenueGeneratingInitiatives

IncreasedCorporateTaxRate. InJanuary2012,theCity'scorporateincometaxratewasraisedto2.0%from1.0%. Thisincreasedratewasprojectedtogenerateanestimated$6 millioninadditionalannualrevenue.

EnhancedTaxCollectionInitiatives. TheCit hasim lemented andisim lementin initiativesdesignedto(i)improvecollectionofpastduetaxesand(ii)enhancecollectioneffortsonaprospectivebasis. Theseeffortstoenhancecollectionoftaxescouldgenerateanestimated$13millioninadditionalannualrevenue.

' . ,

increased

its

rates

to

more

closely

align

with

market

rates/eliminate

practice

of

chargingcustomerslessforpowerthantheCityitselfwaspaying. IncreasedPLDratescouldgenerateanestimated$9 millioninadditionalannualrevenue.



h i k i dd i i l h ll


44/66

IV. TheCityHasTakenActiontoAddressItsFinancialChallenges

ReductionsinVendorCosts. TheCityisimplementinganinitiativetoreduceitsvendorrelatedcostsby10%. Reductionsinvendorcostsareexpectedtosaveanestimated$10 millionannually.

ReductioninSubsidytoDDOT. In2012,theCityundertookstepstoimprovethe

efficiency

of

the

Detroit

Dep't

of

Transportation

(e.g.,

through

route

rationalization),

therebyreducingthesubsidyfromtheCity'sGeneralFundtotheDDOTenterprisefundbyapproximately$15 millionannually.

DeferredCapitalExpenditures

TheCityhasdeferredcapitalexpenditures.

- Average

aggregate

capital

outlays

for

the

fiscal

years

2008

2012

were

only

. .2003 2007were$151.94million.

- Forfiscalyears2014 2023,itisestimatedthatGeneralFundnecessarycapitalexpenditureswillaverageapproximately$145million.

DemolitionInitiative. ProgramlaunchedinApril2010withthegoalofdemolishing

10,000vacant

structures

in

three

years.

Over5,000structureshavebeendemolished;theremainingportionofthe10,000structuresinthe ro ramare lannedtobedemolishedb December2013.



V R t t i d R i ti i Cit G t


45/66

V. RestructuringandReinvestinginCityGovernment

addressedabove(including,inparticular,deficienciesinservicesrelatingtopublicsafety),andtoachieveasustainablerestructuringthatpromotesthelongtermhealth,safetyandgrowthoftheCity,theCitymustaggressivelypursue anddevotesubstantialresources

.

TheCityproposestospendapproximately$1.25billionoverthenexttenyearsto,amongother

things,

(i)

improve

the

performance

and

infrastructure

of

its

Police,

Fire,

EMS

and

TransportationDepartments,(ii)comprehensivelyaddressandremediateurbanblight,

lingeringissuesplaguingtheCity'selectricalgridandlighting.



V R t t i d R i ti i Cit G t


46/66


Police

- Objectives- Reduceres onsetimestothenationalavera e.

- Improveclosureratesandfirstresponderinvestigations.

- Updateand

overhaul

police

fleet

and

facilities.

- ModernizetheDepartment'sinformationtechnology.

- .

- Refinestructure,staffingandorganizationofdepartmenttobetterservecitizens;holdallmembers(swornandcivilian)ofthedepartmentaccountabletoeffectively

maintain

core

responsibilities

of

policing.

Fire/EMS

- Objectives

-

infrastructureand

equipment

to

perform

its

duties.

- Modernizeinformationtechnology.

- Improveoperatingefficiencyandcoststructure.



V Restructuring and Reinvesting in City Government


47/66


- Objectives

- Implementcurrentpopulationbasedstreetlightfootprint.

-

Authoritystructure(withoversightfromtheCity).

- Improveservice

to

citizens

and

better

cost

management.

BlightRemoval.

Objectives

-StabilizeandrevitalizeneighborhoodsandcommunitieswithintheCityandimprove

.

- Decreaseincidenceofcrimeandfireinblightedbuildingsandareas.

- Increasepropertyvalues.

- .





48/66


Objectives

- Improvementinperformanceofgridandservicestocitizens.

- .

- Increaserevenuecollectionfromcustomers.

InformationSystemsUpgrades

InvestmentbytheCityinupgradedinformationtechnologyisanindispensableaspectoftherestructuringandreinvestmentproposalsandiscriticaltoachievingalmostalloftheobjectivesdescribedherein.

Objectives

- augmentingworkflows.

- IncreaseintegrationbetweenfinanceandoperationalsystemsCitywideresultinginlowerlaborcostsandimprovedefficiencies.

- Improvefinancialandoperationalreporting,resultingin:

- Abilitytomonitorandimproveoperatingperformance.

- Moretimelyandaccuratefinancialreportingtointerestedparties.


- Improvedrevenueandcollectioneffortsasaresultofstreamlinedprocesses.

44




49/66


.

Objectives

- Reducegeneralfundsubsidythroughincreasedrevenueandreducedcosts.

- .



VI Realization of Value of Assets


50/66

VI. RealizationofValueofAssets

'advantageouscourseofactiontopreserveormaximizethevalueofsuchassetsforthelongtermbenefitoftheCity. TheCitywillevaluatealloptions,includingpreservingthestatusquo,enteringintopartnershipswithotherpublicentities,outsourcingof

leaseorothertransactions.

Nodecisionshavebeenmaderegardinganyparticularasset,andtheEmergencyManagerwillcontinuetoevaluateoptionsforinclusioninhiscomprehensive

.




51/66


52/66

VII. TenYearProjections(GeneralFundOnly)


53/66

j ( y)

TheCityacknowledgesthatitmustexertreasonableeffortstomaximizerecoveriesforallcreditors.

Asdemonstratedbythe10yearprojections,however,theCity'sexpectedrevenueswillfallsignificantlyshortofthelevelsrequiredtofundtheCitysoperationsandfullysatisfyitsliabilities.

GiventheCity's(i)substantialdebtlevels(LTGO;UTGO;COPs;Swaps),(ii)significantlaborrelatedliabilitiesand(iii)continuingoperatingexpenses,sharedsacrificewillberequiredfromallstakeholderstoachievetheCity'sdual(andcomplementary)goalsofmaximizingreturnsforitsstakeholderconstituencieswhilesimultaneouslyestablishingtheframeworkforahealthyandgrowingDetroitmovingforward.

AlloftheCit 'sstakeholderscanbenefitfromarestructuredandrevitalizedDetroit.

OFFICEOF

THE

EMERGENCY

MANAGER 49


VIII. RestructuringProposal


54/66

g p

SecuredDebt

- DWSDDebt. TheexistingDWSDwaterandsewerbonddebtmaybedividedintotwoclasses,ifapplicable:- DWSDClassADebtClaims

- DWSDClass

A

Debt

Claims

shall

consist

of

claims

under

or

evidenced

by

certain

debtthatmaybepaidpriortotheeffectivedateoftheCityscomprehensive

.

- OntheeffectivedateoftheCityscomprehensiverestructuringplan,accrued

principalandinterestforDWSDClassADebtClaimsaccruedthroughthe

restructuringplan'seffectivedatewilleither(i) berepaidinfullincashor

.

OFFICEOF

THE

EMERGENCY

MANAGER 50




55/66

- newlyformedMetropolitanAreaWaterandSewerAuthority,or"MAWSA,"astheissuer.

i. NewSeriesABondPrincipal: Anamountequaltothesumoftheprincipalof

eou s an ng e a was ssue ore eem e ass e

Bondsplusinterestthereonaccruedthroughtherestructuringplans

effectivedate

and

fees

incurred

in

connection

with

the

new

financings.

ii. NewSeriesABondCollateral: LienonnetrevenuesgeneratedbyMAWSA

asse sw esamepr or esas e ass e , u su or na e o

theoperatingandmaintenancecostsofthesystem,includingtheTransaction

Payment.

iii.New

Series

A

Bond

Interest

Rate:

Prevailing

market

rate

for

similar

long

term

mun c pa on satt et meo ssuance.

iv. NewSeriesABondMaturities: Thevariousseriesofnewmunicipalbonds

wouldhavelongtermmaturitiesdeterminedatthetimeofissuanceonthe

basisofthenexistingmarketconditions.

- DWSDClassBDebtClaims.

- DWSDClass

B

Debt

Claims

shall

consist

of

all

claims

under

or

evidenced

by

each

seriesofexistingwaterorsewerbonddebt(whethercallableornot)thatarenot

DWSDClassADebtClaims.

OFFICEOF

THE

EMERGENCY

MANAGER 51




56/66

.

,ofDWSD ClassBDebtClaimsshallreceiveSeriesBRestructuredBondsor

suchtreatmentasmaybeagreeduponbytheparties.

- SeriesBRestructuredBondTerms: SeriesBRestructuredBondswouldbeissuedbyMAWSA toholdersofoutstandingDWSD ClassBDebtClaims.

i. Series

B

Restructured

Bond

Principal:

For

each

series

of

Series

B

RestructuredBonds,anamountequaltothesumoftheprincipaloftheoutstandingDWSDClassBDebtBondsforwhichsuchSeriesBRestructuredBondsaretobeexchangedplusinterestthereonaccruedthroughtherestructuringplanEffectiveDate.

ii. SeriesBRestructuredBondCollateral: Lienonnetrevenuesgeneratedby

MAWSAassets

in

the

same

priorities

as

currently

exist

for

the

DWSD

Class

B

DebtBondsforwhichsuchSeriesBRestructuredBondsaretobeexchanged,subordinatetotheoperatingandmaintenancecostsofthesystem,includingtheTransactionPayment.

iii. SeriesBRestructuredBondInterestRate: Prevailin marketrateforsimilarlongtermmunicipalbondsatthetimeofissuance.

iv. SeriesBRestructuredBondMaturities: ThesamematuritydatesastheDWSDClassBDebtBondsforwhichtheSeriesBRestructuredBondswillbe

OFFICEOF

THE

EMERGENCY

MANAGER

.

52




57/66

-

- TherearesixseriesofsecuredGeneralObligationDebt:

- $100,000,000originalprincipalamountDistributableStateAidSecondLien

Bonds(UnlimitedTaxGeneralObligation),Series2010(A)(TaxableRecovery

ZoneEconomicDevelopmentBondsDirectPayment).

- $249,790,000originalprincipalamountDistributableStateAidGeneral

ObligationLimited

Tax

Bonds,

Series

2010.

- $38,865,000originalprincipalamountSelfInsuranceDistributableStateAid

ThirdLienBonds(LimitedTaxGeneralObligation),Series2012(A)(2).


ThirdLienRefundingBonds(LimitedTaxGeneralObligation),Series2012(B2).

- $6,405,000original

principal

amount

General

Obligation

Distributable

State

AidThirdLienCapitalImprovementRefundingBonds(LimitedTaxGeneral

Obligation),Series2012(B).


ThirdLienBonds(LimitedTaxGeneralObligation),Series2012(A2B).

- Totalannualdebtserviceisapproximately$39millionperyearfromFY 2015through

FY 2033.

- Treatment: Subjecttonegotiationwithholders.

OFFICEOF

THE

EMERGENCY

MANAGER 53




58/66

-

- TheCityhas$87.8millionoutstandinginconnectionwithnotespayablerelatedtovariouspublicimprovementprojects,whichnoteswereissuedinconnectionwiththe"Section108"HUDLoanGuaranteeProgramandaresecuredbyfuture"Block

"ran revenues.


- SecuredClaimsArisingunderServiceAgreementsRelatedtoCOPRelatedInterestRateSwaps


- SecuredAutomobileParkingFundClaims

- $9.3million

in

outstanding

principal

amount

of

Detroit

Building

Authority

Revenue

RefundingBonds:ParkingSystem,Series1998Aaresecuredbyapledgeofallrevenuesoftheparkingsystem,netofoperatingexpenses.

- Treatment: PrincipalandinterestaccruedthroughtheeffectivedatewillbepaidinfullincashusingproceedsofsalesofCity'sparkingrelatedassets. Intheeventthatsalesarenotnegotiatedandconsummatedpriortotheeffectivedate,claims

willbe

subject

to

negotiations

with

holders.

OFFICEOF

THE

EMERGENCY

MANAGER 54




59/66

limitedrecourseparticipationnotes(the"Notes").

- ClaimsUnderUnsecuredGeneralObligationBonds/Notes.

- Aggregateamount: Approximately$650million.

- Treatment: Exchangedforaprorata(relativetoallunsecuredclaims)principal

amount

of

new

Notes.- ClaimsofServiceCorporations(oraffiliatedtrusts)onAccountofCOPs.

- ggregateamount: pprox mate y . on.

- Treatment: Exchangedforaprorata(relativetoallunsecuredclaims)principalamountofnewNotes.

- ClaimsforUnfundedOPEBLiabilities.- Currentretireeswillreceivemodifiedmedicalbenefitsplansutilizingeitherthe

exchangestobecreatedbyJanuary1,2014underthePatientProtectionandAffordableCareActorMedicare,asapplicable. Theproposedreplacement

$27.5millionand$40millionannuallydependingonchoicestobemade.

- Claimswillresultfromthemodificationofbenefits. Theamountofsuchclaimshasnotbeenfinallydetermined.

OFFICEOF

THE

EMERGENCY

MANAGER

- TreatmentforAllowedClaims: Exchangedforaprorata(relativetoallunsecuredclaims)principalamountofnewNotes.

55




60/66

-

.- Assetforthabove,preliminaryanalysisindicatesthattheunderfundingintheGRS

andthePFRSisapproximately$3.5 billion. Atthislevelofunderfunding,theCitywouldhavetocontributeapproximately$200million $350millionannuallytou y un curren yaccrue ,ves e ene s. uc con r u onsw no ema e

undertheplan.

- Claimsfor

the

underfunding

will

be

exchanged

for

apro

rata

(relative

to

all

unsecuredclaims)principalamountofnewNotes.

- Becausetheamountsrealizedontheunderfundingclaimswillbesubstantiallylessthantheunderfundingamount,theremustbesignificant cutsinaccrued,vestedpensionamountsforbothactiveandcurrentlyretired persons.

- ClaimsonaccountofOtherLiabilities.- AggregateAmount: Approximately$300million.

- Treatment: Exchangedforaprorata(relativetoallunsecuredclaims)principalamountofnewNotes.

OFFICEOF

THE

EMERGENCY

MANAGER 56




61/66

.- RelevantDefinitions:

- AdjustedBaseCoveredRevenuesmeansforaFiscalYearfollowingtheInitialRevenueParticipationYear,BaseCoveredRevenuesadjustedforinflationfortheperiodbeginningonthefirstdayoftheInitialRevenueParticipationYearandendingonthefirstdayoftheFiscalYearusingthepositivechange,ifany,inthe

ConsumerPrice

Index

during

such

period.

- BaseCoveredRevenuesmeansonehalfofthesumofCoveredRevenuesforthefirsttwoFiscalYearsbeginningaftertheEffectiveDate.

- CoveredRevenuesmeansamountsactuallycollectedbytheCitysGeneralFundinaFiscalYearonaccountof(a)PropertyTaxes,IncomeTaxesandGamingTaxes

leviedfor

such

Fiscal

Year

and

b

Revenue

Sharin

Pa ments

determined

based

upontheCity'sauditedfinancialstatements.

- DutchAuctionmeansamethodforpricingtheNoteswherebythepriceoftheNotesofferedbytheCityisthelowestprice(theAuctionPrice)atwhichthere

isrequiredtopayinrespectofRevenueParticipationPaymentsand/orAssetDisposition

Proceeds

then

due

and

payable.

During

bidding,

each

Noteholder

will

indicatehowmanyNotesitiswillingtoselltotheCityandthepricesuchNoteholderiswillin toacce t. AllNotesofferedattheAuctionPriceoratalower

OFFICEOF

THE

EMERGENCY

MANAGER

pricewillbesoldtotheCityattheAuctionPrice.

57




62/66

-

CitysfinancesonwhichtheNotesshallbeissued.

- FinalParticipationYearmeanstheFiscalYearbeginningonthe20thanniversaryofthefirstdayoftheInitialParticipationYear.

- FiscalYearmeansaperiodcommencingonJuly1ofayearandendingonJune30ofthefollowingyear. Forgreatercertainty,theFiscalYearbeginningonJuly1,2014

andending

on

June

30,

2015

is

the

2015

Fiscal

Year.

- InitialParticipationYearmeansthesecondfullFiscalYearfollowingtheEffectiveDate.

- TrusteemeansanindenturetrusteeorotheragentfortheNoteholdersasdefinedindefinitivedocumentationfortheNotes.

-- InitialPrincipalAmount: $2,000,000,000.00.

- InterestRate: 1.5%perannumontheoutstandingprincipalamountoftheNotes,payablesemiannually. NointerestshallbepaidoraccruedforanyperiodfollowingtheendoftheFinalParticipationYear.

- MaturityDate:

The

first

September

30

following

the

Final

Participation

Year.

The

CityshallhavenoobligationtopayanyamountsotherthantheRevenuePartici ationPa mentinres ectoftheFinalPartici ationYearonthematurit date.

OFFICEOF

THE

EMERGENCY

MANAGER

TheNotesmaybeprepaidinwholeorinpartatanytimewithoutpremiumorpenalty.

58




63/66

-

ParticipationYear,anamountequaltotheproductof(a)30%(0.30),multipliedby(b)(i)theamountbywhichCoveredRevenuesforsuchFiscalYearexceed(ii)AdjustedBaseCoveredRevenuesshallbeappliedtoreducetheprincipal

.FiscalYearaftertheFinalParticipationYear.

- Grantsand

Other

Amounts

Received

to

Offset

Costs

of

Addressing

Blight:

If

the

CityreceivesanycashgrantsorothercashpaymentsaftertheEffectiveDateand, ,

anyothergovernmentornonprofitentitynotaffiliatedinanywaywiththeCityforthepurposeoffundingprogramsoractivitiestoaddressblightthatareincludedinthe10YearPlan("BlightRevenues")andthatcanbeutilizedinplaceofthe

GeneralFund

sums

in

the

10

Year

Plan

ro ections

an

amount

e ual

to

75%

of

the

GeneralFundrevenuesthatwouldotherwisebespentonblightbutfortheoutsidefundsshallbeappliedtoreducetheprincipalamountoftheNotes.

- AssetDispositionProceeds: IftheCityreceivescashconsiderationinconnection

MaturityDate,anamountequalto75%ofsuchcashshallbeappliedtoreducethe

principalamount

of

the

Notes.

For

greater

certainty,

the

assumption

of

indebtednessshallnotconstitutecashconsideration.

OFFICEOF

THE

EMERGENCY

MANAGER

-

whentheamountofsuchpaymentsthataredueequalorexceed$50millionoratthetimeaRevenueParticipationPaymentisdue,whicheverissooner.

59




64/66

-

,

,

DispositionProceedsandotheramountsmadeavailablebytheCitymaybeusedtofundofferstopurchaseNotesthroughaDutchAuctionprocess.TheCityshallgivenoticeofitsintenttoconductsuchaDutchAuctionusingaRevenueParticipation

andshallconcludetheauctionandpurchasenotesofferedandacceptedinthe

auction

no

later

than

the

90

days

following

the

date

such

notice

is

given.

The

City

shallgivenoticeofitsintenttoconductsuchaDutchAuctionusingAssetDispositionProceedsorBlightRevenuesonorbeforethe30daysfollowingthedatewhentheCitybecomesobligatedtoapplyAssetDispositionProceedsandshallconcludetheauctionandpurchasenotesofferedandacceptedintheauctionnolaterthan90daysfollowingthedatesuchnoticeisgiven.TheCitymaygivenoticeofitsintent

to

conduct

a

Dutch

Auction

using

funds

provided

by

the

City

which

are

not

otherwiserequiredtobeappliedtorepaymentoftheNotesatanytime.

- LimitedRecourse: TheCitysobligationtopayinterestontheNotesshallbeageneralobligationoftheCity. TheCityshallhavenoobligationtopaytheprincipalamountoftheNotesexcepttotheextentthatRevenueParticipationPayments,BlightRevenuesorAssetDispositionProceedsbecomedueinaccordancewiththe

termshereof.

- RequirementsofLaw. ThetermsoftheNotesmayberevisedtoconformwithre uirementsoflaw.

OFFICEOF

THE

EMERGENCY

MANAGER 60


IX. CalendarandContacts


65/66

, , .

Initialroundofdiscussionswithstakeholders: June17,2013 July12,2013.

Evaluation: July15,2013 July19,2013.

OFFICEOF

THE

EMERGENCY

MANAGER 61


IX. CalendarandContacts


66/66

- MILLERBUCKFIRE &CO.,LLC601LexingtonAvenue,22ndFloorNewYork,NY10022

- KennethBuckfire

CoPresident

&

Managing

Director.

- JamesDoakManagingDirector.

- JONESDAY

.

,

.901LakesideAvenueNorthPointCleveland,Ohio441141190

, .

555 South Flower Street, 50th Floor

Los Angeles, CA 90071

(213) 489-3939

, .

222 East 41st Street

New York, NY 10017

(212) 326-3939

OFFICEOF

THE

EMERGENCY

MANAGER 62


Detroit Creditor Proposal

Documents

Transcript of Detroit Creditor Proposal