Royal Oak Twp. opts to enter a consent agreement, avoids emergency manager, bankruptcy
Well, that almost went down to the wire.
Royal Oak Township had until Wednesday to select an option under Public Act 436, the state’s revamped emergency manager law, to address its financial emergency, which was confirmed by Gov. Rick Snyder last week. As we reported this week, the township had the option to select an emergency manager, neutral mediation, or bankruptcy — the latter of which would’ve made it the first community to choose court protection since Detroit filed for Chapter 9 last summer.
By the time this rag went to press, we had yet to hear if a decision had been reached by the township’s board of trustees. Turns out, they had made a choice, says Terry Stanton, spokesperson for the state treasury. In a letter sent to the state treasury yesterday, the township said it selected a consent agreement.
Stanton says under state statute, the community now has 30 days to hash out terms for a consent agreement.