Municipal Bankruptcy Review Measure Passes Assembly: "Now a bill that municipalities say would add insult – and expensive time – to injury has passed the Assembly with 43 votes in favor and 16 opposed. The bill, which received no Republican support, next goes to the Senate.
Assembly Bill 155 by Assemblyman Tony Mendoza (D- Artesia) requires local governments to obtain approval from a state-level Local Agency Bankruptcy Committee before going to a judge. The committee would include the State Controller, the State Treasurer and the Director of the State Department of Finance."
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Begun, the municipal bankruptcy wars have.
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