Related Content

• Michigan Governor Declares Financial Emergency in Hamtramck
• Michigan Gov. Rick Snyder declared a financial emergency Monday in Hamtramck, a step that could lead to the appointment of an emergency manager.

• SEC Charges Harrisburg, Pennsylvania with Securities Fraud
• Pennsylvania's capital, which is under receivership after nearly going bankrupt, is the second municipality or state to get charged with securities fraud this year.

• Financially Distressed Cities Isolate Poor and Minorities, Former Receiver Says
• Segregated minority and poor populations foster municipal distress, according to the former receiver for the city of Harrisburg, Pa.

• The 'B' Word: Is Municipal Bankruptcy's Stigma Fading?
• There's a growing sense among some leaders that municipal bankruptcy -- unthinkable just a few years ago -- may be a valuable tool.

• How Rare Are Municipal Bankruptcies?
• Local governments rarely opt to file for bankruptcy. View totals and bankruptcy laws for each state.

• City Bankruptcies: The Wild West of Financial Law
• Unlike corporate bankruptcies, there’s so little precedent for cities filing for bankruptcy protection that case law is being written with each major decision.

• California, New York Eye Greater Fiscal Scrutiny Over Localities
• California and New York are considering heavier oversight of their financially troubled cities, according to a Stateline report. Bill Lockyer, California’s state treasurer, wants to create a system that would monitor local finances and issue a warning to flag cities and counties when their fiscal situation becomes troubled. New York’s comptroller, Thomas DiNapoli, wants to score cities based on their financial strain, according to Stateline.

• State Officials Propose Ways to Detect Cities' Fiscal Troubles Before They Worsen
• Top finance officials in California and New York are proposing closer state-level scrutiny of local government budgets to help prevent the distress that has plagued many cities, towns and counties over the last few years.

• California Cities Hope Election Changes Their Fortunes
• Local governments have placed more than 230 revenue-raising proposals on the ballot -- a number that's consistent with past elections, but this time, they need the money for essentials rather than extras.

• Atwater, California Declares a Fiscal Emergency
• Atwater, California, declared a fiscal emergency and told almost a quarter of its city employees they will lose their jobs as it seeks to avoid becoming the state's fourth city to seek bankruptcy protection.

• Is Bankruptcy a Viable Tool for Struggling Cities?
• Panelists at Governing's Cost of Government summit shared their experiences with Chapter 9 bankruptcy.

• Michigan's Emergency Manager Law Suspended
• The state Supreme Court says Michigan residents can decide the controversial law's fate in November. What happens until then is less clear.

• States and Localities Take Hit in Libor Scandal
• Recent allegations of banks manipulating the Libor rate have some governments considering legal action. But which municipalities were affected and how much did they lose?

• Near-Bankrupt San Bernardino, California Votes to Suspend Debt Payments
• San Bernardino, the third California city planning to file for bankruptcy since June, voted to stop debt payments, freeze vacant jobs and quit paying into a retiree health fund under a three-month emergency proposal submitted to the city council

• Mapping Municipal Bankruptcies
• A total of 27 cities and municipal agencies have sought bankruptcy protection since 2010. View a map with details on each filing.

• San Bernardino: 3rd California City to Seek Bankruptcy Protection
• San Bernardino, facing the possibility of missing payroll, becomes California's third city in weeks to authorize a bankruptcy filing.

• Stockton, Calif., is Largest City to File for Bankruptcy
• The City Council hopes bankruptcy protection will help it avoid a total collapse, but experts say it's only a short-term fix.

• Michigan Emergency Manager Law to Stay on Ballot for Now
• Opponents of the state's toughened emergency manager law scored a victory in the Michigan Court of Appeals on Thursday as they fight to get the repeal of the law on the Nov. 6 ballot. But the issue remains far from settled.

• Stockton 'Can Avoid Bankruptcy,' Says Councilman
• Councilman Dale Fritchen, often criticized for his stance as being dead-set against taking Stockton into bankruptcy, said his plan will balance the city's deficit budget without laying off any police officers.

• Financial State Takeover Possible for Monroe, Ohio Schools
• Officials with the Ohio Department of Education recommended to the state auditor's office that the Monroe school district be placed into fiscal emergency, which would be a first for any Butler County school system.

• Emergency Financial Managers: Michigan's Unwelcome Savior
• In Michigan, financial advisers take control of cities on the brink of bankruptcy.

• Stockton, California’s Debt Problems May Set Precedent
• How Stockton's story unfolds could have major consequences for public employee pensions and bondholders nationwide.

• Stockton, California’s Bankruptcy Makes 'Normal' Cities Nervous
• Unlike many high-profile bankruptcies, Stockton’s financial woes are the result of many different factors that are not unusual for many localities.

• Insolvency May be in Mismanaged Oregon Towns' Future
• Oregon doesn't allow cities to go bankrupt, leaving them to work through financial problems on their own.

• Harrisburg, Pennsylvania's Financial Overseer Resigns
• Gov. Tom Corbett will move swiftly to recommend another financial custodian to help restore stability to Pennsylvania's debt-laden capital after his first appointee said he was resigning.

• Providence Mayor Warns of Possible Bankruptcy
• PROVIDENCE, R.I. — Mayor Angel Taveras painted a bleak picture Thursday of the city's finances, saying Providence faces "devastation" and could go bankrupt if retiree benefits aren't cut and tax-exempt institutions like Brown University don't pay more in lieu of taxes.

• R.I. Governor Seeks $400K More for Central Falls Receiver
• The cost of the state-appointed receiver and legal fees related to bankruptcy proceedings in the Rhode Island city of Central Falls is nearly $400,000 more this fiscal year than budgeted, and the total spent on the receivership is expected to reach $2.26 million by July.

• Jefferson County Permitted to Proceed with Bankruptcy, Judge Says
• Wall Street banks tried to block the county from declaring the largest municipal bankruptcy in U.S. history, a ruled that it can legally do so.

• Struggling Cities Strike Deals to Solve Fiscal Problems
• More cities are making private deals to save their finances. The results aren’t always good. Plus, a map of financially-distressed localities.

• Official: Bankruptcy Possible for Harrisburg
• HARRISBURG, Pa. — The state official in charge of figuring out how to fix an enormous financial shortfall in Pennsylvania's capital city said in a proposed recovery plan released Monday that "significant and difficult" steps lie ahead, and Harrisburg may end up seeking bankruptcy protection.

• In Stockton, Calif., Slow Fall Off Financial Cliff
• A red, white and blue sign declaring Stockton an "All-America City" still adorns City Hall, but the building's crumbling facade tells the real story of the community's recent fortunes.

• Insolvency, Bankruptcy and Doublespeak
• Don't plead poverty while soft-selling your bonds.

• Global Libor Scandal Cost States and Localities Millions
• State and local governments have sued banks, claiming that they cheated them out of enormous investment returns at a time when their budgets were already badly damaged from the recession.

• Michigan Voters to Decide 'Dictator' Law's Fate
• Labor activists say a law giving the state oversight over local government is undemocratic. But fiscal conservatives say it's the only way to preserve financial stability.

• Municipal Bankruptcy State Laws
• View state laws regulating local governments filing for Chapter 9 bankruptcy protection