LANSING, MI -- Michigan Gov. Rick Snyder today signed a replacement emergency manager law that he says improves upon the version that voters rejected less than two months ago.

Like its predecessor, Public Act 436 of 2012 allows the state to intervene in financially struggling municipalities and school districts.

But unlike Public Act 4 of 2011, the new law allows local officials to choose between four different forms of intervention: A consent agreement, chapter 9 bankruptcy, mediation or emergency manager.

"This legislation demonstrates that we clearly heard, recognized and respected the will of the voters," Snyder said in a statement announcing the signing. "It builds in local control and options while also ensuring the tools to protect communities and school districts' residents, students and taxpayers."

Michigan voters repealed the state's old emergency manager law by rejecting Proposal 1 on the November ballot. Critics said the "draconian" law went too far by allowing state-appointed emergency managers to usurp local control and break collective bargaining agreements.

The new law, which includes an appropriation making it immune to referendum, also allows emergency managers to break union contracts if negotiations fail, a controversial power typically reserved for municipal bankruptcy proceedings.

But it gives local officials the option to develop an "alternative" cost-savings solution if they disagree with an emergency manager's proposal. The local emergency financial assistance loan board -- which consists of the state treasurer, director of licensing and regulatory affairs and the director of technology, management and budget -- would review both plans, select one and task the emergency manager with implementing it.

PA 436 also gives a local unit's governing body the power to remove an emergency manager after one year via a 2/3 majority vote, and it requires the state to pay emergency manager salaries instead of requiring municipalities and school districts to do so.

Greg Bowens, a spokesman for the Stand Up For Democracy coalition that led the effort to repeal PA 4, recently released an analysis pointing to numerous similarities between the new law and its predecessor.

"We think that the governor's view of what the will of the voters is is quite different from what the actual voters did," Bowens said today, confirming that the coalition will continue to fight the new law. "It is with great sadness around this happy time of year that we find ourselves having the gift of freedom taken away from us with the signing of this new bill. It is about the worst Christmas present that municipalities could have."

State-appointed managers operating under PA 72 of 1990 currently oversee the cities of Allen Park, Flint, Pontiac, Benton Harbor along with school districts in Detroit, Highland Park and Muskegon Heights.

Snyder also signed several other bills today, including legislation designed to address fiscal oversight on school district loans while continuing the School Bond Loan Program and School Loan Revolving Fund.

Editor's note: This post was updated at 12:23 p.m. with a reaction Stand Up For Democracy spokesman Greg Bowens.

Jonathan Oosting is a reporter for MLive Media Group's statewide news team. Email him at joosting@mlive.com or follow at twitter.com/jonathanoosting.