San Bernardino OKs Emergency Budget To Defer Debts

Law360, New York (July 25, 2012, 3:32 PM EDT) -- The San Bernardino City Council voted Tuesday to approve a three-month emergency budget plan that permits the cash-strapped city to suspend some debt and retiree health plan payments as it braces for a Chapter 9 bankruptcy filing.

The City Council voted 7-0 in favor of the measure, which will allow San Bernardino to save about $11.5 million in July, August and September. In particular, the council voted to freeze hiring for vacant jobs and defer $3.4 million in pension bond payments and about $1.7 million in...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.