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Topic:
Stockton, CA, poised to be largest US city to go bankrupt [Locked] |
Brother_Tempus  Title: Patriot
Posts: 985
Registered: 2001-1-9 08:07:00
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
Hopefully the creditors will demand Stockton pay in full what it has borrowed
http://abcnews.go.com/US/wireStory/stockton-aims-avoid-biggest-bankrupt-city-15809652
The city of Stockton in California's crop-abundant Central Valley has the second-highest foreclosure rate in the nation and one of the highest crime and unemployment rates. It was named America's most miserable city in a national magazine — twice.
And now, officials say this river port city of 290,000 is on the brink of insolvency and could become the nation's largest city to fall into Chapter 9 bankruptcy protection.
The city council was expected to vote Tuesday on a proposal to continue the city's fiscal emergency for a third year and use a new California law to enter mediation with its creditors.
Stockton would be the first city to test the law, Assembly Bill 506, which is less than two months old. It requires local government agencies to undergo mediation or hold a public hearing and declare a fiscal emergency before filing for bankruptcy.
In 2008, Vallejo became the biggest California city to file for bankruptcy, and it emerged from bankruptcy last year.
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reesescups  Title: //Captain America
Posts: 2,537
Registered: 2003-5-26 14:45:53
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
Stockton - a Republican strong hold in California.
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Tych2 Title: Obama Appointed Outpost Czar
Posts: 2,511
Registered: 2005-3-1 06:56:47
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
It's sickening that you wish the pain of so many. A bankrupt city will hurt the poorest and neediest of us. I don't normally say this to anyone, but the world would be a much better place without you and your kind.
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__Bonk__  Posts: 5,122
Registered: 2009-7-25 03:04:52
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
Why do you get happy at bad news.
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Mastara Posts: 1,446
Registered: 2004-12-29 22:52:21
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
I believe it, I work there. I see what it has done.
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Mastatheimposta - 10L2 SB Merlin |
Mastara Posts: 1,446
Registered: 2004-12-29 22:52:21
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
drive down almost any street and see many houses vacant and/or for sale. New and old houses alike
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Mastatheimposta - 10L2 SB Merlin |
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
I don't think he understands how municipal bankruptcies work.
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Brother_Tempus Title: Patriot
Posts: 985
Registered: 2001-1-9 08:07:00
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
I dont think you understand how fubarred this economy is.....
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You win ACF, dude - Osmenthe
BT is usually right - Onslaught
i think we need more BT on page 1 - FighterUSAF
Yep, BT is right - Aerlinthian
Got guns & ammo? Food? Precious metals?
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reesescups Title: //Captain America
Posts: 2,537
Registered: 2003-5-26 14:45:53
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
JarkeldRuneblade posted:
I don't think he understands how municipal bankruptcies work.
BroTard posted:
Hopefully the creditors will demand Stockton pay in full what it has borrowed
Obviously...
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"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
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Date Posted:
1/1/00 12:00am
Subject:
Stockton, CA, poised to be largest US city to go bankrupt |
Someone got a nice bit of cash for this one I bet.
Multi-year labor contracts with escalating costs added to the burden, forcing officials to make deep emergency cuts to the city payroll, including its police department.
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