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	<title>The Public Purse &#187; bankruptcy and default</title>
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		<title>San Diego City’s Financial Crisis: The Past, Present and Future</title>
		<link>http://www.thepublicpurse.com/2010/06/09/san-diego-city%e2%80%99s-financial-crisis-the-past-present-and-future/</link>
		<comments>http://www.thepublicpurse.com/2010/06/09/san-diego-city%e2%80%99s-financial-crisis-the-past-present-and-future/#comments</comments>
		<pubDate>Wed, 09 Jun 2010 14:29:59 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[Taxpayer v. union]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=979</guid>
		<description><![CDATA[The Grand Jury of San Diego issued a report of this title yesterday.  Also, at yesterday’s GFOA (Government Finance Officers Association) business meeting, the group voted  that the Government Accounting Standards Board should stay away from the topic of sustainability.  The only conclusion one can draw from the Grand Jury report is: the city of [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/06/09/san-diego-city%e2%80%99s-financial-crisis-the-past-present-and-future/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>California Cities and Bankruptcy</title>
		<link>http://www.thepublicpurse.com/2010/05/29/california-cities-and-bankruptcy/</link>
		<comments>http://www.thepublicpurse.com/2010/05/29/california-cities-and-bankruptcy/#comments</comments>
		<pubDate>Sat, 29 May 2010 14:41:38 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=955</guid>
		<description><![CDATA[See this post on Reuters for discussion about Antioch, latest city in California to talk bankruptcy.  There is a bill, sponsored by state senator Mendoza, AB155, that would require cities to go through the state (via the California Debt and Investment Advisory Commission, CDIAC).  The bill was referred last week by the Senate appropriations committee [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/05/29/california-cities-and-bankruptcy/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Miller Further Advocates Harrisburg Bankruptcy</title>
		<link>http://www.thepublicpurse.com/2010/05/16/miller-further-advocates-harrisburg-bankruptcy/</link>
		<comments>http://www.thepublicpurse.com/2010/05/16/miller-further-advocates-harrisburg-bankruptcy/#comments</comments>
		<pubDate>Sun, 16 May 2010 20:53:19 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=926</guid>
		<description><![CDATA[See today&#8217;s op ed by Dan Miller, Harrisburg&#8217;s controller.
]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/05/16/miller-further-advocates-harrisburg-bankruptcy/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Is the State of Illinois Insolvent?</title>
		<link>http://www.thepublicpurse.com/2010/05/07/is-the-state-of-illinois-insolvent/</link>
		<comments>http://www.thepublicpurse.com/2010/05/07/is-the-state-of-illinois-insolvent/#comments</comments>
		<pubDate>Fri, 07 May 2010 18:30:42 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Taxpayer v. union]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[states]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=911</guid>
		<description><![CDATA[The Illinois Comptroller&#8217;s April report  is scary reading.  The state is $4.5 billion in arrears on payments to vendors and others (like school districts and service providers) with no end in sight.  The Comptroller expects 2011 to be worse.  The following chart from the report looks to me like a deteriorating structural imbalance moving towards a delicate liquidity [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/05/07/is-the-state-of-illinois-insolvent/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Xenia Defaults, the USDA, Bond Insurance and Novation</title>
		<link>http://www.thepublicpurse.com/2010/05/02/xenia-defaults-the-usda-bond-insurance-and-novation/</link>
		<comments>http://www.thepublicpurse.com/2010/05/02/xenia-defaults-the-usda-bond-insurance-and-novation/#comments</comments>
		<pubDate>Sun, 02 May 2010 22:18:34 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[non-rated bonds]]></category>
		<category><![CDATA[special district]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=894</guid>
		<description><![CDATA[Add Xenia Rural Water District’s to the short but growing list of over-leveraged municipal borrowers.  With $143 million in debt and about 9,000 customers, the unfolding socio-gram includes bondholders, bond insurers CIFG and Assured Guaranty, the US Department of Agriculture, Bank of America, and last, but not least, the ratepayers.  A $5.2 million note to [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/05/02/xenia-defaults-the-usda-bond-insurance-and-novation/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>The &#8220;b-word&#8221; (bankruptcy), fiscal stress and small town struggles</title>
		<link>http://www.thepublicpurse.com/2010/04/17/the-b-word-bankruptcy-fiscal-stress-and-small-town-struggles/</link>
		<comments>http://www.thepublicpurse.com/2010/04/17/the-b-word-bankruptcy-fiscal-stress-and-small-town-struggles/#comments</comments>
		<pubDate>Sun, 18 Apr 2010 02:15:45 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=869</guid>
		<description><![CDATA[An article about upstate New York town of Kingston and their discussion of fiscal stress, union contracts and the debate over Chapter 9 bankruptcy.
]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/04/17/the-b-word-bankruptcy-fiscal-stress-and-small-town-struggles/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Municipal Market Meltdown?  Response to Bookstaber</title>
		<link>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/</link>
		<comments>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/#comments</comments>
		<pubDate>Fri, 09 Apr 2010 14:33:28 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[Voter initiatives]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[housing mess]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[securities lending]]></category>
		<category><![CDATA[states]]></category>
		<category><![CDATA[ballot initiatives]]></category>
		<category><![CDATA[community development district]]></category>
		<category><![CDATA[direct democracy]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[ratings]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=839</guid>
		<description><![CDATA[We have two opposing camps in the muni-market at the moment: those who say it is the next systemic shoe to drop and the rating agencies that are systemically raising ratings.
Which is right?
We have moved from a market that has had heavy intermediation from the bond insurance companies to one where investors are on their [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>Orange County, San Diego and the municipal bankruptcy discussion</title>
		<link>http://www.thepublicpurse.com/2010/03/26/orange-county-san-diego-and-the-municipal-bankruptcy-discussion/</link>
		<comments>http://www.thepublicpurse.com/2010/03/26/orange-county-san-diego-and-the-municipal-bankruptcy-discussion/#comments</comments>
		<pubDate>Fri, 26 Mar 2010 11:56:14 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=800</guid>
		<description><![CDATA[I just came across this blog from John Moorlach, Orange County.  Scroll down for a &#8220;five year lookback&#8221; on the discussion about San Diego, thought you might find it of interest.
]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/03/26/orange-county-san-diego-and-the-municipal-bankruptcy-discussion/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Chapter 9 Municipal Bankruptcy in Pennsylvania</title>
		<link>http://www.thepublicpurse.com/2010/03/12/chapter-9-municipal-bankruptcy-in-pennsylvania/</link>
		<comments>http://www.thepublicpurse.com/2010/03/12/chapter-9-municipal-bankruptcy-in-pennsylvania/#comments</comments>
		<pubDate>Sat, 13 Mar 2010 01:39:36 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=773</guid>
		<description><![CDATA[Westfall Township, Pennsylvania filed a Chapter 9 bankruptcy petition in April, 2009 and the court confirmed a reorganization plan in March, 2010.  According to the law firm that handled the case:
Westfall Township, located in Pike County, PA, was saddled with a $20 million debt due to a prior government’s mistreatment of a developer.  Without the [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/03/12/chapter-9-municipal-bankruptcy-in-pennsylvania/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Ohio Fiscal Emergencies</title>
		<link>http://www.thepublicpurse.com/2010/03/07/ohio-fiscal-emergencies/</link>
		<comments>http://www.thepublicpurse.com/2010/03/07/ohio-fiscal-emergencies/#comments</comments>
		<pubDate>Sun, 07 Mar 2010 15:42:11 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[Ohio]]></category>
		<category><![CDATA[Toledo]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=766</guid>
		<description><![CDATA[I am adding a link to this article that updates Toledo&#8217;s fiscal situation.  (See prior post.)  The city is wrestling with a budget gap and trying to negotiate with unions over compensation.  Ohio is a state that has a fiscal emergency program and municipalities may not file for bankruptcy without going through the state.  The state&#8217;s [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/03/07/ohio-fiscal-emergencies/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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