|Detroit Mayor Dave Bing speaks during a new conference announcing a framework for future decision making titled "Detroit Future City" at the DWPLTP Homebase on Wednesday, Jan. 9, 2013. (AP Photo/The Detroit News, Max Ortiz)|
Clock ticks down for decision on Detroit finances
Michigan Republicans pushed through a new emergency manager law during a lame-duck legislative session last month. It was signed by Snyder and takes effect March 27.
The law will give local governments and ailing school districts the opportunity to choose their own remedy. If a review team finds that a financial emergency exists, those communities can request an emergency manager, ask for a mediator, file for bankruptcy or submit a reform plan to the state.
Five other Michigan cities and three public school districts have emergency financial managers. Detroit would be the largest city in the state to get one if a manager is appointed.