HARTFORD, Conn. — The city of Hartford has reached an agreement to have the state pay off the city’s approximately $550 million in general obligation debt.

The Hartford Courant reports the deal calls for the state to pick up Hartford’s annual debt payments, but the city would be responsible for about $5 million a year in payments on its new minor league ballpark.

Hartford Mayor Luke Bronin had threatened to file for bankruptcy, citing the city’s debt, pension obligations and the lack of taxable property.

Lawmakers agreed to a bailout in October.

In exchange for the extra funds, Hartford was placed under state oversight in January.

That oversight board will review budgets, contracts and labor agreements. Hartford also can’t issue new bonds without the group’s permission.

Information from: Hartford Courant, http://www.courant.com