Oct. 27, 2012, 6:00 a.m. EDT
13 U.S. cities going broke
Marketwatch.com
13. Wenatchee, Wash.
In December 2011, the Greater Wenatchee Public Facilities District defaulted on $42 million of debt associated with the Town Toyota Center, a multipurpose arena. In order to help pay off that debt, the city imposed a 0.2% regional sales tax in July 2012. Bonds also went on sale in September to further alleviate the debt. Despite these plans, Moody’s noted in its May downgrade that any long-term plan to pay off the city’s debt “would further stress city finances … operational flexibility and ability to invest in infrastructure.” Moody’s also pointed out the city faces financial risk associated with litigation following the arena’s default.
12. Le Center, Minn.
11. Strafford County, N.H.
10. Menasha, Wis.
9. Harrison, N.J.
8. Salem, N.J.
7. Riverdale, Ill.
6. Woonsocket, R.I.
5. Detroit, Mich.
4. Pontiac, Mich.
3.Central Falls, R.I.
2. Jefferson County, Ala.
1. Stockton, Calif.
Details here: http://www.marketwatch.com/story/13-us-cities-going-broke-2012-10-27
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