The article "California Muni Bankruptcies a Growing 'Disease,' Kotok Says" explores the difficulties encountered by California municipalities trying to meet their financial obligations in an environment of increasing costs and declining revenues. According to the article, the California city of Atwater, with a population of 28,000 located in California's central valley, is about to declare a fiscal emergency, which is the first step towards declaring municipal bankruptcy. Here's a link to the article: http://www.sfgate.com/default/article/California-Muni-Bankruptcies-a-Growing-3916615.php
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