LANSING -- Gov. Rick Snyder recently signed legislation to allow more flexibility in how the state dispenses emergency loans to schools and cities.

The five-bill package increases loans the state can give out to municipalities from $5 million each year to a total of $85 million distributed over the next seven fiscal years, creating more flexibility in how the money is distributed.

The legislation also allows school districts under an emergency manager, or with rapidly declining enrollment to receive emergency loans, until September 30, 2018.

Gov. Snyder said this legislation is especially important as Michigan emerges from difficult economic times.

"This legislation creates important pathways for cities and schools to receive the funds needed to operate and turn around their entities," Snyder said.