July 11, 2012 12:39 AM
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3rd Calif. city to file for bankruptcy in 1 month
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San Bernardino, Calif., in 2008 (Getty Images)
(CBS/AP) SAN BERNARDINO, Calif. - The Southern California city of San Bernardino has voted to declare bankruptcy.
The City Council in the city of 210,000 people decided to seek Chapter 9 protection Tuesday night, making it the third California city - after Mammoth Lakes and Stockton - in less than two weeks to make the rare move. It would also become among the largest in the nation ever to declare bankruptcy. Stockton, the northern California city of nearly 300,000, became the biggest when it filed for bankruptcy June 28.
The Los Angeles Times says the City Council made the decision during a meeting where Interim City Manager Andrea Miller told them San Bernardino "has an immediate cash flow issue" and may not be able to make payroll with a budget shortfall of more than $45 million in the next fiscal year.
http://www.cbsnews.com/8301-201_162-57469953/3rd-calif-city-to-file-for-bankruptcy-in-1-month/
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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