LANSING (WKZO) -- A new Emergency Manager law has been signed by Michigan Governor Rick Snyder.

The bill is one of many that the governor will sign before the end of the year.  The previous law was rejected by voters in November so lawmakers drafted a new version and passed it during the lame duck session of the Legislature.

The bill now gives cities and school districts in serious financial trouble four options to reverse their losses.  They can enter into a consent agreement, have an evaluation process done by the state, agree to have an Emergency Manager, or file Chapter 9 Bankruptcy.

The governor says the bill gives cities and school districts options while protecting taxpayers.