Stockton, CA will consider filing Chapter 9 bankruptcy protection after June 30th. Two (2) year city owned city hall offices had not been occupied. Three (3) city owned parking garages were repossessed in April.
|New city hall was the old Washington Mutual building|
"The City of Stockton's decision to default on the bond that led to their new City Hall building to be repossessed is actually part of the city's plan to regain their financial footing. City spokesperson Connie Cochran says the city defaulted in order to still have money for public safety. "Unfortunately, this (City Hall) is just one of the underperforming assets the city has and we had to take this step to maintain basic public safety services in our community," said Cochran.Three Stockton parking garages were also repossessed in April." Fox News 40, Ian McDonald and Sonseeahay Tonsall, 5/30/12. "Bank repossesses Stockton's new city hall. Read Article, linked to two related articles.
Reference - City of Stockton. . Area Vibes statistics (2009, population 287,578.. . City Data (2010 data). . Movoto detailed demographics, also view as a graph.
Related - "Investopedia explains Chapter 9". "The purpose Chapter 9 is to negotiate a repayment plan between the municipality and creditors, which can include reducing the outstanding debt or interest rate, extending the term of the loan and refinancing debts."
Submitted by Jim Alex
Posted by Kathy Meeh