Tuesday, June 26, 2012

Largest U.S. City on verge of Bankruptcy

CBS Sacremento
June 26, 2012

STOCKTON (CBS13) – A source confirmed with CBS13 on Tuesday prior to the City Council meeting that Stockton will indeed file for Chapter 9 bankruptcy protection, becoming the largest U.S. city to do so.
City leaders were unable to reach an agreement with creditors on $26 million in debt. It had a deadline of midnight Monday. It must pass a balanced budget by July 1 so the city was voting on a pendency plan on Tuesday on how to allocate its limited funds.
The city’s decision to file for bankruptcy prompted dozens of critical remarks from citizens during the public comment portion of Tuesday’s packed meeting at City Hall.
“The pendency plan is a death sentence to some and to others it’s an unavoidable slap in the face,” Joni Anderson said.
“The world is watching so they can see we are victims of a society that is failing us,” one said. “I would like to express my empathy for all those affected by tonight’s decision to be made in City Hall. Though I do not in any way shape or form even understand why it’s being done, I do believe we must accept it because we have obviously no power to control it. Our leaders do not respect us, nor do they listen to us.”

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