Posted on 7/11/2012, 4:46:28 AM by Kartographer
The city council of San Bernardino, California, will discuss and may act as early as Tuesday evening on a motion for the city to seek chapter 9 bankruptcy protection from its creditors at the same time as it takes up a plan to stabilize the city budget.
It is unclear if the leaders of the city of about 210,000 residents approximately 65 miles (104 km) east of Los Angeles will act on the motion. They are also scheduled to take it up during a special meeting on Wednesday if needed, according to city council agenda items posted on the city's website.
(Excerpt) Read more at in.reuters.com ...
PING!
From what Im hearing they have already declared bankruptcy..not a shock..this state is run by Unions, its being run into the ground county by county
This state is run by *Government* Unions.
Don’t worry. Moonbeam Brown’ll bail ‘em out courtesy of the taxpayers’ money. That is, if CA still has anyone who’s not yet left for Nevada or some other state in its tax base.
Run by a bunch of libtards lead by Mayor Morris -—!
This will be the case for most California cities and counties. The State is already there but can’t bring itself to admit it. The libtards are depending on an election Prop that will raise taxes -—— Good Luck!
First it will be a trickle and then are roar as more cities go bust. The fact that they have spun if along this far is a miracle, but you can only cut current services so much before the public demands answers. Then the only way to reduce obligations is to cut the pay and retirement.
OK, maybe nuclear bombing would be overkill.
Thermobaric bombs then, lots of `em.
the problem with San Bernardino is that it is overrun with Welfare Roaches, the infrastructure and buildings are run down and dirty and no one wants to go near a roach pit , much less try to do business there, so they have no income its just a welfare body dump
San Bernardino used to be an ok place, and the first (or ~ the first) McDonalds was there. Now, looking at city-data, 84% of the population is hispanic or black, 19% white. The entire CA is going that direction, then the nation at large.
About the McDonalds connection, the original restaurant isn’t open anymore, but it’s now a state museum, but perhaps as could be expected, it’s completely falling apart, as explained here:
http://aht.seriouseats.com/archives/2009/02/the-original-mcdonalds-in-san-bernadino-california.html
“Yet, the City is still facing the possibility of insolvency due to a variety of issues including accounting errors, deficit spending, lack of revenue growth, and increases in pension and debt costs.”
Municipal bonds should be considered safe investments?
I grew up in San Bernardino. Well, Highland actually. We moved there in the early 60s when my father was stationed at Norton AFB. I left for college in the mid-70s but my parents lived there until they passed away 15 years ago. I had some great times there so it’s sad to hear it has gone downhill like this.
Mrs. Prince of Space
http://www.sacbee.com/2012/07/10/4622910/third-calif-city-votes-to-declare.html
......”San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a City Council vote on Tuesday night.
The Southern California city of about 210,000 people will also become the second largest in the nation ever to file for bankruptcy. Stockton, the Northern California city of nearly 300,000, became the biggest when it filed for Chapter 9 on June 28. The much smaller city of Mammoth Lakes voted for bankruptcy July 3.
San Bernardino’s City Council directed the city attorney to make the move during a meeting where administrators explained the dire fiscal circumstances and urged them to choose the bankruptcy option.
“We have an immediate cash flow issue,” Interim City Manager Andrea Miller told Mayor Patrick Morris and the seven-member City Council, according to the Los Angeles Times.
Miller said the city is facing a budget shortfall of $45.8 million. It has already stopped paying some vendors, and may not be able to make payroll over the next three months.
Four council members voted for the authorization, two opposed it, and one abstained.
“This is probably the hardest decision this councilwoman will ever have to make in this chair,” Councilwoman Wendy McCammack said, according to the San Bernardino Sun.
The councilman who abstained from voting, John Valdivia, said he did not trust the information presented at the meeting, and having only served since March believed he should not be held responsible for the money mess.
“The taxpayers of this city have been duped, hoodwinked and misguided for the past several years,” Valdivia said, according to the Sun.”............
I was stationed at Norton AFB 1982 - 1983. It was a nice Air Force base, and San Bernadino was quite a nice city for a young man to knock about in.
I expect to see similar issues here in NJ with many municipalities (not just urban toilets); an increasing share of their revenue is devoted to payments to people who’ve already retired, leaving little for current services. I personally know a policeman in my town that retired at 46 years old; payments to these people ensure that there won’t be money for cutting back foliage obscuring “stop” signs, fixing street surfaces, paying replacement cops, etc.
In the past “state aid” was used to mask the impact of these future liabilities from taxpayers; that aid has run dry, and the public employee scam has been exposed. This had a big role in Governor Christie being elected; he didn’t mind calling them out on it.
Someone posted a news story many months ago that added a racial dimension to it; it included a picture of the current city council (all black) arguing with white municipal retirees, because they were basically draining so much from current revenues it left nothing for the “new” residents.
“Municipal bonds should be considered safe investments?”
No, but they should be the sole means of funding the retirements of municipal employees. Draining current homeowners for the services rendered by retirees who haven’t worked in 20 years isn’t working; here in NJ it is a huge deterrent to buying a home.
Public sector employees are mostly locusts and parasites.
“Public sector employees are mostly locusts and parasites.”
I agree; here in NJ taxpayers are realizing they are a luxury we cannot afford at anywhere near their current staffing OR salary levels. Now people are seeing the other shoe drop as the FUTURE costs of the current employees are being discussed.
I live in NYS, lower Westchester area , trust me, I know.
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