A new emergency manager law will take effect at the end of March in Michigan, replacing the repealed Public Act 4 and the current statute, PA 72 of 1990. The new law gives local governments facing a financial crisis more control over the process with four options, and state Representative Al Pscholka is glad the governor has signed the bill.
Under the new law, local governments have four options if they're in dire financial straits. Those are a consent agreement with the state, mediation, an emergency manager and bankruptcy.
Voters repealed PA 4 in November. Doing so reverted the law back to the original emergency financial manager legislation enacted by Democratic Governor Jim Blanchard and kept all current emergency managers in place.
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Under the new law, local governments have four options if they're in dire financial straits. Those are a consent agreement with the state, mediation, an emergency manager and bankruptcy.
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Listen: |
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Voters repealed PA 4 in November. Doing so reverted the law back to the original emergency financial manager legislation enacted by Democratic Governor Jim Blanchard and kept all current emergency managers in place.
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