The Public Purse offers you serious thinking about economic, financial and political trends at the U.S. state and local level with a focus on municipal credit risk
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1 Comment for default table
Jim Pugh | December 2, 2009 at 9:57 AM
I looked at Vallejo a while ago and this is what I remember. They gave a hair cut to debt service payments equal to the percent that they cut the salaries to their unionized employees. This was discussed in their budget. All of their bonds are insured and/or enhanced by banks and/or the State pension fund.