Cash-strapped Detroit can continue to access an estimated $11 million a month in casino tax revenue, Bankruptcy Judge Steven Rhodes ruled yesterday, while the court takes up a deal with creditors related to the revenue, Reuters reported yesterday. Judge Rhodes ruled that bond insurer Syncora Guarantee Inc. cannot block the city from using taxes paid by the city's three casinos. Judge Rhodes said that Syncora does not have a lien on the money used as collateral since 2009 to secure Detroit's obligations on interest-rate swap agreements. Detroit entered into those agreements in conjunction with the sale of pension debt for its two retirement funds.
