Mich. governor signs new emergency manager law
Thu, 27 Dec 2012 16:32:41 GMT —
Gov. Rick Snyder has signed a law that gives distressed communities the ability to choose an emergency manager or other remedies to fix their finances.
The bill was approved by lawmakers after voters repealed an emergency-manager law in the fall election. Snyder's office said Thursday that the law is among 19 signed by the governor, just a portion of the dozens of bills that still are on his desk.
If a review team finds that a financial emergency exists, local governments and school districts have four choices, including an emergency manager, bankruptcy or a reform plan with the state.
The law won't start until late March. Under the old law, the power to send an emergency manager rested solely with the governor.