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Calif. Assembly OKs Bill To Retool City Prebankruptcy Process

By Erin Coe (June 1, 2012, 5:05 PM EDT) -- A bill that would revise a new law requiring California municipalities to negotiate with creditors before bankruptcy gained approval Thursday from the state Assembly, but opponents claim the measure favors unions over cities that are already using the prebankruptcy process, like Stockton and Mammoth Lakes, Calif....

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