Add another failure in California...book it.
City of Compton may declare bankruptcy by September: officials - Yahoo! News
The City of Compton, a city of 93,000 people located on the outskirts
of Los Angeles, must decide by September 1 whether to seek bankruptcy,
according to its two most senior financial officials.
Such a move would see it join a growing number of
deficit-hobbled California cities that have used the filing to
restructure onerous debt loads.
Compton, which has an accumulated $43 million deficit and has
depleted what had been a $22 million reserve, will run out of cash to
make its payroll on September 1 at its current cash consumption rate,
city comptroller Steven Ajobiewe told the city council during a July 17
meeting.
Here's a city in California nobody's much talking about.
RIVERSIDE: Utilities help fund other city services | Breaking News | PE.com - Press-Enterprise
If Riverside loses this case, they're goners too.
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