Detroit is poised to borrow $275 million from Barclays Capital, much of it to pay off other obligations and to start improving services, when it is released from Chapter 9. The debt eventually will be turned into bonds carrying an interest rate of 4.75 percent or less and will be backed by income tax revenue. [...] emergency manager Kevyn Orr compared the city's past borrowing to getting fleeced at a "payday loan store." Why wasn't Detroit immediately released from bankruptcy when the plan was approved? The only hit to 9,000 police and fire retirees is a reduction in the cost-of-living payment, not a total elimination. The cuts would have been harsher if not for an $816 million bailout arranged by the state, foundations and the Detroit Institute of Arts, with help from Detroit's chief federal judge and other mediators. Mayor Mike Duggan, who took office while Detroit was going through bankruptcy, has been irritated by some of the more than $100 million in legal fees and consultant contracts charged to the city. Even if the judge disallowed 10 percent, he said, any leftover money wouldn't affect deals that have been struck between the city and its many creditors.