California Controller: More Municipal Bankruptcies Possible
filed since June, state Controller John Chiang said.
Governor Jerry Brown abolished redevelopment agencies statewide, responsible
for rebuilding decaying neighborhoods, and redirected more than $1 billion in
their funds to cut California’s deficit.
Stockton and San Bernardino officials have said the state raid on
redevelopment funds helped push them into bankruptcy court. Mammoth Lakes, the
third to file for Chapter 9 protection, traced its financial problems to an
adverse court judgment.
News & Politics