And then there were three

San Bernardino’s City Council Tuesday night voted to seek bankruptcy protection, according to Bloomberg. This makes the third California city, after Stockton and Mammoth Lakes.

The Bloomberg story says it is unclear how¬† San Bernardino will handle AB506 mediation, if at all. This required per-bankruptcy step caused Stockton problems because as the city let mediation play out for 90 days, Wells Fargo foreclosed on three parking garages and the new City Hall building. There is a provision in AB506 that says a city can skip AB506 mediation with the declaration of a fiscal emergency. The AP’s story doesn’t mention it either.

This entry was posted in Uncategorized and tagged . Bookmark the permalink. Post a comment

Post a Comment

You must be logged in to post a comment.

We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Rules. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form.