The Michigan House has approved an 11-bill package that would provide $195 million to help Detroit transition out of bankruptcy and require oversight of the city's finances.

The Republican-led chamber approved the legislation on a bipartisan vote, adding the state's money to the $466 million committed by several foundations and the Detroit Institute of Arts.

The funds will be used to help ease cuts to pensioners and protect artwork at the Detroit Institute of Arts from sale. Governor Rick Snyder told reporters (quote) "Today we saw lawmakers from across our state coming together to help make a brighter future for Detroit - and all of Michigan."

The governor thanked state House of Representative members for their bipartisan work on a settlement that, he says, will help Detroit pensioners and ultimately save taxpayers millions of dollars. The legislation also creates a nine-member commission to oversee the city's finances for at least 13 years.

In order to exit active oversight, the city will be subject to specific financial standards set by the commission, including the need to demonstrate the ability to access and repay debt.

Additionally, the bills would require the city to move all new employees to a defined contribution or benefit retirement plan instead of the existing defined benefit system.