Detroit lighting authority finishes $60M bond sale

Detroit lighting authority finishes $60M bond sale

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DETROIT (AP) -- The Public Lighting Authority of Detroit says it has completed the sale of $60 million in bonds to begin fixing thousands of broken streetlights.

The authority announced that the sale was completed Friday. It's the first step of a two-step process that is expected to bring the sale of about $150 million in bonds to fund its efforts.

The authority's Executive Director Odis Jones said in a statement that the sale means that officials will be able to continue work to restore reliable street lights over the next three years. Fewer than half of Detroit's 88,000 streetlights are believed to work.

Judge Steven Rhodes a week ago cleared the way for the bond sale after earlier allowing Detroit to become the largest U.S. city to enter bankruptcy.

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