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Stockton to File for Bankruptcy

The Stockton, Calif. City Council voted Tuesday night to file for bankruptcy as part of a plan to try to keep the city solvent after city officials said negotiations with creditors failed.

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Comments (1)
What is the dollar amount of voter approved general obligation debt? It is important to know this to see how the courts treat the G.O. pledge (taxes raised unlimted as to rate or amount to satisfy the indenture) that is used virtually everywhere in this country.
Posted by 2200106 | Wednesday, June 27 2012 at 2:29PM ET
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