State Committee Approves City Bankruptcy Procedure

By Scott Sarvay

January 27, 2011 Updated Jan 27, 2011 at 1:25 PM EDT

INDIANA (Indiana’s NewsCenter) - A bill that would bailout cities nearing bankruptcy is advancing through the Indiana legislature.

The Senate Judiciary Committee approved a measure that would allow city or county governments to ask for the appointment of an emergency manager to take over its finances.

That could be done after steps such as missing two consecutive payrolls or defaulting on bond payments.

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