California Controller: More Municipal Bankruptcies Possible

Wednesday, 19 Sep 2012 05:57 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
California may see more municipal bankruptcies than the three that have been filed since June, state Controller John Chiang said.

“We need the state to participate in trying to prevent these bankruptcies,” Chiang said at a conference in San Francisco. “There’s no trust from local government with state government, so they don’t want our assistance.”

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.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved