State Moves to Take Over City of Flint’s Finances
From Times Wire Reports
The state acted to take over the finances of Flint, a battered Rust Belt city that is $40 million in debt.
Flint, with a population of 125,000, is the biggest Michigan city to face such a takeover.
Flint has been plagued by high unemployment. General Motors Corp., its biggest private employer, has cut its Flint work force from 80,000 to 19,000 in the last 15 years. In March, the city recalled its mayor over the financial crisis.
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