County Treasurer Meisner lauds bankruptcy judge's warning on sale of art

Oakland County Treasurer Andy Meisner lauds U.S. Bankruptcy Judge Steven Rhodes's warning against sale of art at the Detroit Institute of Art to balance Detroit's budget. In his statement, Rhodes said "selling such assets such as masterpieces at the DIA does not make sense for an insolvent city and does not address long-term financial and structural problems."

"Oakland County and the entire region have a vested interest in protecting our art," said Meisner. "Judge Rhodes's statement is a clear indication that the sale of this world-class art collection has no long term financial benefit for the city."

In 2012, Oakland County residents, along with those in Wayne and Macomb, passed a millage establishing ongoing funding for the DIA. In the first year, Oakland County alone contributed more than $9 million. The 0.2-mill property tax costs the equivalent of $20 annually on a house with a market value of $200,000 and a taxable value of $100,000.

Meisner also reiterated his support for retirement promises made to the city's retirees. "The promise of retirement security that so many individuals and families earned through many years of service should be kept," he said.

Published: Thu, Dec 5, 2013

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