San Bernardino city officials have voted to borrow from restricted funds to be able to continue paying the salaries of city employees as the bankrupt city continues its severe financial struggles.
San Bernardino officials say they’ve filed an emergency petition for Chapter 9 bankruptcy in response to the $45.8 million budget shortfall the city faces this year, making official a move the City Council approved last month.
The move would allow the city to ask voters to approve a proposed increase of up to a half-percent sales tax that could raise as much as $1.9 million.
The next California city to declare bankruptcy might be one of the state’s newest cities.
The city of San Bernardino has declared a fiscal emergency to avoid a lengthy mediation process and head straight to federal bankruptcy court.
The city of Compton is reportedly facing bankruptcy following an announcement at a City Council meeting Tuesday night.
Lawmakers in San Bernardino were expected to declare a fiscal emergency on Monday as the city inches closer toward bankruptcy.
Authorities in San Bernardino pledged on Thursday to continue providing emergency services to residents just days after the city declared bankruptcy.
The mayor of San Bernardino on Wednesday blamed the city’s bankruptcy filing on an economic “perfect storm” as officials warned of widespread budget cuts.
The city manager of Stanton says drastic reductions to public services are coming in the face of an annual deficit of over $2.8 million.
A bankruptcy court hearing in Atlanta for former Baltimore Ravens running back Jamal Lewis has been delayed.
“Octomom” Nadya Suleman could soon be forced to move out of her La Habra home. Suleman’s bankruptcy case was tossed out of court after she reportedly failed fill out all of the necessary paperwork.
A federal judge in Los Angeles has filed for Chapter 7 bankruptcy because he’s unable to pay his existing debts.
CBS2’s Jim Hill is reporting the sale of the Dodgers has been approved by Judge Kevin Gross.
For the second time in as many years, a California solar energy firm has gone bust on a federal loan.