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Stockton braces for possible bankruptcy as key vote looms
[LA Times] Stockton residents braced for a fateful City Council meeting on Tuesday night that could result in the city declaring bankruptcy.The Stockton City Council will discuss whether to seek protection from creditors under the U.S. Bankruptcy Code. The working-class port city -- where much of Caliphornia's agricultural exports set sail -- lived largely on credit during economic boom times. The city borrowed millions of dollars for ambitious, eye-catching projects in the mid-2000s. Up went a sports arena, hotel and promenade. The city booked a Neil Diamond concert as a kickoff to better times. Houses in sprawling tracts sold quickly and with high mortgages. Posted by: Fred 2012-06-27 |
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