Wednesday, July 11, 2012

Southern California city of San Bernardino votes to declare bankruptcy

Fox News
July 11, 2012

The Southern California city of San Bernardino has voted to declare bankruptcy.

The City Council in the city of 210,000 people decided to seek Chapter 9 protection Tuesday night, making it the third California city in less than two weeks to make the rare move. It would also become among the largest in the nation ever to declare bankruptcy. Stockton, the northern California city of nearly 300,000, became the biggest when it filed for bankruptcy June 28.

The Los Angeles Times says the City Council made the decision during a meeting where Interim City Manager Andrea Miller told them San Bernardino "has an immediate cash flow issue" and may not be able to make payroll with a budget shortfall of more than $45 million in the next fiscal year.

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