Articles Tagged 'insolvency'

MI: State Senator Proposes Dissolving City Of Detroit

November 29, 2012
LANSING (CBS Detroit) – It would no doubt be controversial, but the idea of dissolving the fiscally struggling city of Detroit and absorbing it… READ MORE

After bankruptcy, California city experiments with letting voters make budget decisions

November 13, 2012 A California city that recently emerged from bankruptcy is taking a new approach to budgeting — this time, by asking voters how it should spend the taxpayers’ money. The question is being put to residents in Vallejo, Calif., a blue-collar port city of 116,000 people. Under a pilot program, Vallejo is using what is known as “participatory budgeting” to… READ MORE


August 20, 2012
SACRAMENTO, Calif. (AP) — One of the nation’s top credit rating agencies said Friday that it expects more municipal bankruptcies and defaults in California, the nation’s largest issuer of municipal bonds. Moody’s Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk. The service announced that it will undertake a… READ MORE

San Bernardino votes to file for bankruptcy protection

July 11, 2012
The Los Angeles Times The San Bernardino City Council votes to file for bankruptcy. Facing a $45-million budget shortfall and the prospect of not being able to pay city workers, the panel Tuesday voted to file municipal bankruptcy, the third California city to do so in recent weeks. The vote came shortly after the interim city manager recommended seeking bankruptcy… READ MORE

Stockton, Calif. to take up bankruptcy budget plan

June 26, 2012
By Jim Christie (Reuters) – Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at midnight.
Negotiations aimed at averting bankruptcy may press on informally, the city’s spokeswoman said, adding that city officials would next discuss any moves toward bankruptcy… READ MORE

Court clears way for rescue pact for Detroit

March 26, 2012
Ben Klayman, Reuters DETROIT (Reuters) – Michigan’s Court of Appeals has cleared the way for a team appointed by the governor to come up with a consent deal to keep afloat Detroit, America’s historic “Motor City,” which could run out of money in months. The pressure on Detroit is intense. Monday is the deadline for Governor Rick Snyder‘s team to… READ MORE

Michigan a step closer to Detroit takeover

December 28, 2011
MSNCBC DETROIT — Heading down a path that could lead to the state of Michigan taking over the running of Detroit, Gov. Rick Snyder on Tuesday appointed a team to review the city’s finances. The team was named after a preliminary review of city finances showed “probable financial stress” after Detroit was unable to tackle its mounting deficits. The team,… READ MORE

Lawmakers Hope To Make Money With Detroit-Only Lottery

December 2, 2011
DETROIT (WWJ) – Would a city-run lottery in Detroit solve the city’s financial problems? One state lawmaker thinks so. WWJ’s Vickie Thomas reports that state Rep. Dr. Jimmy Womack, D-Detroit, is drafting legislation to start a “Detroit only” lottery. He plans to meet with the state lottery commission next week. The idea is the brainchild of Councilman Kwame Kenyatta,… READ MORE

Detroit faces state takeover

November 22, 2011
By Andrea Billups-The Washington Times In Detroit, battle lines are being drawn between the mayor and the city council over ways to keep the Motor City out of bankruptcy and what some fear will be a state financial takeover under a new provision in Michigan law. Since last week, when Mayor Dave Bing offered a tough-love prescription to fix the… READ MORE

Mayor’s last-ditch effort to save Detroit would privatize 88,000 streetlights

November 18, 2011
By Mark Guarino, Christian Science Monitor Since assuming office as mayor of Detroit two years ago, Dave Bing has challenged the city council and union leadership, saying the city is broke and needs sacrifice on all levels of the private and public sectors to prevent insolvency. Mayor Bing is now bringing the message to the people. He appeared on local… READ MORE

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