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...
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