Stockton CA inched closer to a Chapter 9 filing as it ran out of money, and state aid is uncertain. It become one of several cities which have considered such a filing. The action would probably allow it to lay off most of its workers, and perhaps void certain pensions
“Right now we’re a city that, frankly, has hit the wall,” said Stockton Mayor Ann Johnston, toward the end of more than five hours of discussion and presentations on the matter. “We’re looking at a financial situation that is so bad that we see no way out of it than to begin this process.”
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