Another Calif. City Eyes Fiscal Emergency To Speed Up Ch. 9

Law360, San Diego (September 20, 2012, 10:16 PM EDT) -- Facing a $3.3 million budget deficit, the city of Atwater, Calif., said Thursday that it was considering whether to declare a fiscal emergency to accelerate filing for municipal bankruptcy, which would make it the fourth city in the state to seek Chapter 9 protection this year.

The city council withheld from declaring a state of emergency at a Wednesday meeting, but it plans to continue discussions at an Oct. 3 meeting and has authorized the city manager to take “immediate, appropriate and lawful measures” to achieve...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.