Where: The city of Vallejo, California
Why: "We've exhausted all avenues at this point, and this is all we had left," The Mayor said. "I had hoped to avoid it all the way up until yesterday. It's something we can't avoid ... We can't pay our bills."
Why: The foreclosure crisis and economic downturn have caused a sharp decline in revenue from sales tax, property tax and development fees.
The budget: $16 million budget deficit in its fiscal year starting July 1.
http://www.foxnews.com/story/0,2933,357881,00.html
Will more cities be forced to file bankruptcy? What happens to all those bonds that the city has sold?
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We are getting close in perry township. The bond bank has told the fire department not to come back. So, in short order they will be laying off firefighters ( 45-54 we hear). Rolling brown outs where fire service will be curtailed in different areas. THese will require mutual aid from other departments. How long do you think Franklin TWP,BeechGrove, IFD will continue to subsidize Perry? THey all have financial issues of their own. So, the question is who is next
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