State sued over RDAs

A bond insurer, Syncora Guarantee, has filed a suit against California, trying to stop the state from abolishing its 400 redevelopment agencies, like Stockton’s, this Reuters’ story says. It feels like they’re a little late, given that the California Supreme Court already upheld challenges. But now California is on bankruptcy watch and Stockton and San Bernardino, two of three cities that filed Chapter 9, blame the loss of the RDAs as having contributed to their insolvency.

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