California Mayor Asks for Prayers as Bankruptcy Looms
Atwater, California, is going broke under the weight of public employee costs, lost revenue and a stagnant economy, pushing it toward becoming the state’s fourth city to seek bankruptcy protection.
The city of 28,000, situated among Merced County’s dairies and almond groves about 100 miles (about 160 kilometers) southeast of San Francisco, has a $3.3 million deficit that may leave it insolvent before year’s end, according to budget documents.
Atwater’s City Council is set to vote Oct. 3 on a fiscal emergency declaration that would permit it to follow other California cities — Stockton, San Bernardino and Mammoth Lakes — into bankruptcy court. Across the state, the recession and the foreclosure crisis have depleted property-tax revenue at the same time municipalities are burdened with rising costs including pensions.
“We are in a tough spot,” Mayor Joan Faul, 71, said by telephone. “All I can say, sir, is keep us in your prayers. We will need it.”
Rest here…
~
bobbi i agree with you what happens when we cant pay our bills and end up homeless. my husband is out of work over a year. he is a good person. started school at 53 years old aircoditioning, no calls for a job in 1 1/2 year. unemployment ending , last week. 3 kids to feed. now he is interviewing for a job??? gos provides good people when we pray. even he went to school and graduated he would only make 10$ to start he doesnt have 20 years as the younger folks. this economy is the worst. florida was hit so much and no is rescuing us. that BP oil spill devistated the west cost. malls are closing shop. never saw so many empty store front. my local publix the shopping center it is in is in foreclosure. so many empty houses. i think i am the only one in my county that is defending my foreclosure. i was given discovery right away. i heard some judges dont even graant discovery didnt know that. some times it has to be a motion for discovery. i was just given in it. god prevai;s for good people. its the “secret” read it.
question of the day……where is all the money these cities and counties were raking in during the time prices were rising uncontrollably. I beleive and i am just going to say it…….its actually called embezelment. in my county in florida they were raking in the doe. they school board felt theneed to build a new school. the county had so much money i beleve the good ole boys (just took some) no one would even notice . money was unlimited this is a shame what is happenign and we dont have a president with kahunas to stand up and stop the foreclosures. foreclsoure motitorium now!!!!!
Default is recommended. This is Wall Street bankrupting another city. Cities should not pay bondholders.
Oh, now they turn to God for help. After we have voted God out of our schools, our workplace, our government…..not that God won’t help because God does forgive but we ALL need to bring back the only salvation for this country and that is bringing back God to our lives, in every facet. No doubt you will see this happening more and more across the country as these smaller towns and cities are not capable of producing the revenue any longer to sustain their current debt. In reverse, how many people lost their own jobs (revenue) and could not maintain their debts and became homeless? It’s like an inverted pyramid with the people at the bottom and the government at the top….and what happens when all of this does reach the top???? Remember, it has already been forecast by economists that we are heading for a much worse depression than ever and this just demonstrates the trail where we are heading.
Default with pride! No need for prayer, tell the Bondholder/Wall Street: “You are trying to destroy us, we won’t pay you.”