ROYAL OAK TOWNSHIP, Mich. (AP) — Officials in Oakland County's Royal Oak Township have decided to seek a consent agreement with Michigan in response to the community's financial emergency.
Gov. Rick Snyder confirmed March 19 that a financial emergency exists in the impoverished community of 2,400 just north of Detroit.
The Daily Tribune of Royal Oak (http://bit.ly/1iFe1MD ) reports that the board last week selected a consent agreement over the options of accepting an emergency manager, seeking a neutral evaluation or moving toward Chapter 9 bankruptcy.
Michigan Treasury spokesman Terry Stanton says township officials have until late April to reach a deal with the state on how to overcome the crisis.
The state says the township's funds have dropped and township officials failed to adopt a budget for this fiscal year before it began.
Informationfrom: The Daily Tribune, http://www.dailytribune.com