Gov. Mitch Daniels stated Friday it may be time for Indiana to pass a municipal bankruptcy law in situation Gary or an additional insolvent Hoosier town fails to avoid monetary ruin within the long term.

This kind of a law is really a requirement for just about any town enthusiastic about pursuing bankruptcy, and he stated it shouldn’t damage Indiana’s AAA credit score, a single of the very best within the nation.

Nevertheless, Daniels stated he nevertheless hopes Northwest Indiana’s biggest town is going to be in a position to correct its monetary ship by building the Gary/Chicago International Airport or even a land-based casino. He even praised Gary Town Hall for slashing its tax levy by 24 % because 2008 using the assist from the Indiana Distressed Unit Appeals Board.

The governor created his feedback although meeting using the Post-Tribune editorial board Friday. He sat down to speak about problems facing Northwest Indiana right after going to Banneker Elementary College and KIPP Lead Charter College in Gary.

Daniels also spoke in the Genesis Middle throughout a Gary Chamber of Commerce luncheon. He informed a packed home that Northwest Indiana, and as a result the whole state, has met federal air high quality standards for that very first time in background.

He also informed the crowd how Indiana is becoming a leader within the Midwest when it comes to attracting new companies. Nonetheless, the national recession could make sure Indiana’s rainy day fund is going to be gone through the time the Common Assembly starts crafting its following spending budget in 2011.

Which is in spite of a freeze on hiring and raises along with a 50 % cut in travel expenditures, between other cost-cutting actions.

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