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San Bernardino, Calif., Seeks Bankruptcy Protection
Los Angeles Times July 11, 2012 "The city's fiscal crisis has been years in the making, compounded by the nation's crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento's raid on redevelopment funds and a city reserve that is tapped out, officials said.... Filing for municipal bankruptcy protection will allow San Bernardino to renegotiate contracts, including those with employees ... Current employee pension obligations, one of the contributors to the city's financial straits, will not be affected, officials said." |
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