Governor Rick Snyder signs new Michigan emergency manager bill into law

LANSING, Mich. (WXYZ) - Governor Rick Snyder's office says he has signed a new emergency manager bill into law. This replaces a similar law that voters struck down in November's election.

This new bill would not take effect until late March.

The state is currently reviewing the finances of the city of Detroit. That is expected to be completed in January.

In a press release issued Thursday, the governor's office explained the new emergency manager bill and said, "This strengthens the current financial manager law to handle severe financial stress in some municipalities, but also takes into account voters' concerns regarding the previous emergency manager law expressed during the November election."

When the bill passed through the Michigan legislature , critics said it was too similar to the one struck down by voters.

The law will now give distressed cities or schools in a financial emergency four options:  They can choose a consent agreement, mediation (which is like arbitration), an emergency manager or Chapter 9 Bankruptcy.

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