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Under the new law, struggling local governments would have four options to get out of financial distress: emergency management; a consent agreement; mediation; or Chapter 9 bankruptcy.
Opponents of the law contend that it’s just a replacement of the Emergency Manager law already struck down in the November election. But supporters point out that the new law has several key differences from the measure struck down on the statewide ballot including giving local officials a greater role in the process and providing more approaches to resolving their fiscal crises.
The new law replaces Public Act 4 of 2011 that was repealed by voters in November, but it will not take effect until March.
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