The City of Stockton filed a petition for Chapter 9 municipal bankruptcy relief on June 28, 2012, and the petition was accepted onApril 1, 2013. Earlier this year, on February 25, the City of Stockton exited bankruptcy protection.
Stockton’s city manager declared that “We emerge from bankruptcy a renewed city, perhaps better prepared for our future than any other city in the State, with a new value system, a thorough understanding of our operations and finances, and the tools to maintain solvency and adjust to economic conditions for decades into the future.”
With that inconvenience out of the way, the Stockton City Council is proceeding to implement a “value system” similar to what brought it to bankruptcy in the first place. It is giving its most favored constituency –unions –a potentially costly monopoly… Read More