Royal Oak Township officials sign financial plan
Tue, 22 Apr 2014 11:36:35 GMT —
Michigan's treasurer has signed a consent agreement with Royal Oak Township's supervisor after negotiating how to manage the Detroit-area community's financial emergency.
State Treasurer Kevin Clinton agreed to provisions requiring local officials to submit monthly financial reports to the Department of Treasury. The township's board of trustees also approved the agreement Monday.
Gov. Rick Snyder confirmed last month that a financial emergency exists in the Oakland County community.
Royal Oak Township officials chose one of four options to deal with the problem that also included being assigned an emergency manager, seeking a neutral evaluation or moving toward Chapter 9 bankruptcy.