4th Calif. City Braces For Bankruptcy Amid Budget Woes

Law360, San Diego (October 4, 2012, 9:10 PM EDT) -- The city of Atwater, Calif., on Wednesday declared a fiscal emergency, a decision that puts it one step closer to becoming the fourth city in the state to file for municipal bankruptcy this year.

The city council declared a state of emergency based on fiscal circumstances to be able to impair contracts with city employees and attempt to balance Atwater’s budget. It also decided to continue discussions over how to treat A.B. 506, which requires cities in distress to engage in confidential negotiations with creditors to...
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