California AB 155 states that municipalities must get approval from a political board before it can file for Chapter 9 protection. It will be voted on soon. Expect legal challenges if it passes.
The unions love it, the cities and counties oppose it.
If you are broke, then regardless of what some political hacks say, you can pay the unions their pensions...
We continue to find new ways to put off the inevitable day of reckoning with all of our debt and entitlement obligations. Enjoy the new Bull Market, but understand that this bubble will most likely be the last one.
http://www.ca-ilg.org/index.jsp?displaytype=11&zone=locc§ion=&sub_sec=&tert=&story=27694
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