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Detroit, banks have no final debt deal agreement

DETROIT (WKZO) -- The proposed 85-million dollar agreement reached between the City of Detroit and two banks has not been finalized.

The loan to pay off a pension debt deal with UBS and Bank of America was reportedly agreed upon weeks ago. However, an attorney for the City of Detroit told U.S. Bankruptcy Judge Stephen Rhodes a final agreement has not been drafted only a "term sheet."

Rhodes was not happy about the news but was assured a final agreement is close. The judge earlier rejected to other proposals to pay off the debt.