Governor Rick Snyder celebrated the passage
of the proposed “Grand Bargain” on Wednesday saying that Michigan’s biggest
city will move toward a brighter future because of the settlement. He added
that the acceptance of the settlement was key in quickly resolving Detroit’s
bankruptcy. Attorney General Bill Schuette announced that he would respect the
pensioners’ decision to waive their constitutional rights, which he had earlier
said he would defend.
The vote shows that the general public is in
support of the bankruptcy settlement between the Detroit Institute of Arts
(DIA), multiple private organizations, and the state, which aims to better
protect pensioners as well as the art collection at the DIA. General pensioners
voted for the settlement by over 73 percent, while retired police and fire pensioners
supported the settlement by more than 82 percent of the vote.
Before the “Grand Bargain” is finalized, it
must complete a trial in the U.S. Bankruptcy Court in Detroit.