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	<title>The Public Purse &#187; Chapter 9</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>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>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>Flint, Michigan and the bankruptcy discussion</title>
		<link>http://www.thepublicpurse.com/2010/02/26/flint-michigan-and-the-bankruptcy-discussion/</link>
		<comments>http://www.thepublicpurse.com/2010/02/26/flint-michigan-and-the-bankruptcy-discussion/#comments</comments>
		<pubDate>Fri, 26 Feb 2010 14:34:15 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[cities]]></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=715</guid>
		<description><![CDATA[Here is an interesting clip from MLive about the debate over Flint&#8217;s dire finances.   Michigan has a receivership program that has been used a number of times so municipalities cannot just file bankruptcy in federal court without going through the state.  The article poses the sensible, if painful and difficult, questions of concessions on salaries and benefits [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/02/26/flint-michigan-and-the-bankruptcy-discussion/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>troubles in toledo</title>
		<link>http://www.thepublicpurse.com/2010/02/19/troubles-in-toledo/</link>
		<comments>http://www.thepublicpurse.com/2010/02/19/troubles-in-toledo/#comments</comments>
		<pubDate>Fri, 19 Feb 2010 04:27:55 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=712</guid>
		<description><![CDATA[Looks like the city is making its best effort to try to resolve budget imbalance.  Ohio is one of the states that has a strong oversight/receivership program and municipalities may not file bankruptcy without approval of the state.  Local governments there do rely on income taxes, which is tough in the current economy, especially in [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/02/19/troubles-in-toledo/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Municipal Bankruptcy</title>
		<link>http://www.thepublicpurse.com/2010/02/18/municipal-bankruptcy/</link>
		<comments>http://www.thepublicpurse.com/2010/02/18/municipal-bankruptcy/#comments</comments>
		<pubDate>Thu, 18 Feb 2010 12:34:10 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=705</guid>
		<description><![CDATA[Here&#8217;s a clip from the California League of Cities concerning AB 155.  AB155 (and its parallel, SB88) briefly, would prevent California cities from filing bankruptcy without going through the state &#8211; California Debt Investment Advisory Commission (CDIAC).  Numerous other states have adopted similar provisions, which puts the state in the middle of helping with a workout [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/02/18/municipal-bankruptcy/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rethinking Municipal Guarantees, &#8220;look-throughs&#8221; and Ratings</title>
		<link>http://www.thepublicpurse.com/2010/02/16/rethinking-municipal-guarantees-look-throughs-and-ratings/</link>
		<comments>http://www.thepublicpurse.com/2010/02/16/rethinking-municipal-guarantees-look-throughs-and-ratings/#comments</comments>
		<pubDate>Tue, 16 Feb 2010 17:16:18 +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 stress]]></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=697</guid>
		<description><![CDATA[Harrisburg, Pennsylvania can&#8217;t really afford to pay for the Resource Recovery bonds that it guaranteed.  Their recently adopted 2010 budget does not include debt service for this guarantee (see prior post with link).  It is accepted practice for rating agencies to rate municipally (or state) guaranteed debt off the credit of the guarantor.  Unlike bond [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2010/02/16/rethinking-municipal-guarantees-look-throughs-and-ratings/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Prichard files Chapter 9</title>
		<link>http://www.thepublicpurse.com/2009/10/28/prichard-files-chapter-9/</link>
		<comments>http://www.thepublicpurse.com/2009/10/28/prichard-files-chapter-9/#comments</comments>
		<pubDate>Wed, 28 Oct 2009 23:33:16 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[Prichard Alabama]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=297</guid>
		<description><![CDATA[This is a follow-up to the earlier post on October 14 about Prichard, Alabama when the city failed to make the October payment to their retirees.  According to the Press-Register city leaders do not expect to pay November either.  To protect themselves from the lawsuit that ensued they filed Chapter 9 (municipal) bankruptcy yesterday.  (Note to the municipal bond [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2009/10/28/prichard-files-chapter-9/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Prichard, Alabama fails to pay retirees</title>
		<link>http://www.thepublicpurse.com/2009/10/14/prichard-alabama-fails-to-pay-retirees/</link>
		<comments>http://www.thepublicpurse.com/2009/10/14/prichard-alabama-fails-to-pay-retirees/#comments</comments>
		<pubDate>Wed, 14 Oct 2009 12:53:51 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[Prichard Alabama]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=270</guid>
		<description><![CDATA[The check is not in the mail.  Prichard, Alabama, came out of Chapter 9 bankruptcy in 2002 and promised to make deposits into its public pension fund.  They didn’t and now they are simply out of money.  Retirees did not get their October 1 payment.    What’s next?  The retirees are suing.  The city is looking [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2009/10/14/prichard-alabama-fails-to-pay-retirees/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>The Municipal Bond Default Story</title>
		<link>http://www.thepublicpurse.com/2009/10/12/the-municipal-bond-default-story/</link>
		<comments>http://www.thepublicpurse.com/2009/10/12/the-municipal-bond-default-story/#comments</comments>
		<pubDate>Mon, 12 Oct 2009 22:53:13 +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[municipal bankruptcy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=212</guid>
		<description><![CDATA[At this point in the meltdown timeline, municipal bond defaults have not yet occurred in the traditional sectors we think about such as cities, towns, states, utility systems and school districts.  The few notable exceptions include Vallejo, California, currently working through a Chapter 9 bankruptcy and Jefferson County, Alabama sewer system, which is a heavily [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2009/10/12/the-municipal-bond-default-story/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
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