Gov. Snyder says he will sign into law changes to Michigan's emergency financial manager law

Dec 17, 2012

LANSING, Mich. (AP) - Michigan Gov. Rick Snyder says he plans to sign a revised emergency manager bill that replaces a similar law rejected last month by voters.

The Republican governor told The Associated Press on Monday that he will review the legislation to ensure there are no significant changes and then sign it. The measure gives local governments several options, including accepting a manager, declaring bankruptcy, undergoing mediation and entering a consent decree as Detroit has done.

Meanwhile, Detroit is undergoing a 30-day financial review by the state that's expected to be completed on or about Jan. 11.

The new emergency manager law won't take effect until late March. Snyder says certain decisions on Detroit's future will be made under an existing law that gives managers fewer powers.