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How does a bankrupt city protect itself? By no longer being a city, by disincorporating.
"City officials in Half Moon Bay say the municipal budget is such a mess that it may make sense to disincorporate and turn the place over to San Mateo County.
I'm not sure if disincorporation is right for Half Moon Bay. But it may be the answer for many California cities struggling with too many spending commitments and not enough money. Digging out of budget holes may be harder than simply shutting things down."
Unions hate this--it means they have to create new contracts with the counties, at a time the counties have no money.
We will see "disincorporations", bankruptcies and insolvencies over the next few years. California is entering into the next stage of its fiscal collapse. All because of the Great Depression of 2010.
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"City officials in Half Moon Bay say the municipal budget is such a mess that it may make sense to disincorporate and turn the place over to San Mateo County.
I'm not sure if disincorporation is right for Half Moon Bay. But it may be the answer for many California cities struggling with too many spending commitments and not enough money. Digging out of budget holes may be harder than simply shutting things down."
Unions hate this--it means they have to create new contracts with the counties, at a time the counties have no money.
We will see "disincorporations", bankruptcies and insolvencies over the next few years. California is entering into the next stage of its fiscal collapse. All because of the Great Depression of 2010.
More...