DuDue February 3 @ noon via Blackboard Vallejo, California epitomizes the "bankrupt city." Once the former capital of California, this city of 120,000 residents filed for Chapter 9 bankruptcy in May 2008. Following the closure of a U.S. Navy base in the 1990s, the city lost its financial stronghold. The housing bubble bolstered Vallejo's economy temporarily, but with its burst, the city lost crucial property tax revenues and again tumbled into economic disarray. Three years later, after successfully emerging from bankruptcy, Vallejo still faces debt estimated at $225 million. With your new knowledge about municipal financing options, your task is to:- Read the NYTimes feature, "Broke Town, USA," on Vallejo (http://www.nytimes.com/2011/03/06/magazine/06Muni-t.html?_r=1&hp)-Study the city's proposed FY 2012-13 budget (attached, D-1 or page 31 of the pdf)- Use this link to compare this year's budget to previous fiscal years 2010-11 and 2009-10: http://www.ci.vallejo.ca.us/GovSite/default.asp?serviceID1=754
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