- Posted March 31, 2014
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Royal Oak Twp. board seeks consent agreement
ROYAL OAK TOWNSHIP (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.
The Daily Tribune of Royal Oak reports that the board recently 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.
Published: Mon, Mar 31, 2014
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