Now that Gov. Rick Synder has confirmed that a “financial emergency” exists in the Detroit suburb, Royal Oak Township officials have seven days to decide how to move forward.
Under the state’s emergency manager law, known as the Local Financial Stability and Choice Act, there are four options the township can choose:
- a consent agreement,
- an emergency manager,
- neutral evaluation,
- or Chapter 9 bankruptcy
On January 30th, Governor Snyder determined that a financial emergency exists in Royal Oak Township after reviewing a report from an independent financial review team. Following a hearing township officials requested, as allowed under PA 436, State Treasurer Kevin Clinton recommended that the governor confirm his determination of a financial emergency.
State officials say the township board has until 5 p.m. on Wed., March 26 to make a choice on how to move forward.
