So, what does it mean if a municipality goes bankrupt?...I have no idea. Please explain if you could, since you seem to understand all of this.
I don’t understand it all that much, but I do know that with Vallejo it involved getting out of paying pensions that were crippling the city.
No money for police, fire, EMS, trash collection,
water, sewer, traffic lights, street sweeping,
city schools, school buses, homeless shelters,
gay pride parades, subsidized sports venues and
professional athletes, building inspectors, dog
catchers, park maintenance, city admin employees,
lawyers, politicians...I’ve probably missed something.
I think that if a municipality goes bankrupt the state (of California in this case) takes over.
Anyone who knows better please correct me.