DETROIT (AP) — The Detroit City Council has approved a
resolution to move artwork threatened by the city’s bankruptcy into a
charitable trust.
The 8-0 vote Thursday follows the Michigan
Senate’s passage this week of a bill allocating $195 million to help
shore up Detroit’s two retirement systems.
That money will be part
of a $660 million pool that includes funding from foundations and the
Detroit Institute of Arts. The plan to help preserve retiree pension
benefits while protecting city-owned pieces in the art museum is key to
Detroit’s bankruptcy restructuring.
About 2,800 city-owned pieces
of art have been valued at between $454 million and $867 million. Some
creditors want Detroit to sell the art to help settle the city’s debt.
The transfer to a trust would come after the city exits bankruptcy.