San Bernardino Officials Approve Bankruptcy Exit Plan
On Monday, the San Bernardino City Council voted 6-1 to approve a bankruptcy exit plan that would cut retirees' health care coverage and contract with outside agencies for certain services, such as firefighters. Under the plan, the city would pay back the nearly $50 million it owes to CalPERS, but would repay just 1% of the money owed to some bondholders. The plan must be approved by a federal judge before it can be implemented.
- "San Bernardino City Council Approves Bankruptcy Exit Plan" (AP/Sacramento Bee, 5/18).
- "San Bernardino's Bankruptcy Plan Favors CalPERS" (Esquivel/Mozingo, Los Angeles Times, 5/18).