"A Stockton bankruptcy proposal does not cut pensions, but the city wants to eliminate $197.5 million in pension bond payments over the next 25 years, a plan opposed by the bond insurer that would be stuck with the tab.... Stockton would continue to make $41.6 million in pension bond payments from city special funds that are in the black but restricted for uses such as water. These bond payments would be based on special fund employee pension costs. The rationale for eliminating the main general fund payments on the pension bonds, but not on a half dozen smaller bond issues for parks and a number of structures, is that the pension bonds are not secured by leases, buildings or other collateral."  MORE >>