Reuters: Bankruptcy News: San Bernardino, Calif., postpones decision on fiscal emergency

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San Bernardino, Calif., postpones decision on fiscal emergency Jul 17th 2012, 02:45 SAN BERNARDINO, Calif., July 16 | Mon Jul 16, 2012 10:45pm EDT SAN BERNARDINO, Calif., July 16 (Reuters) - The city council of San Bernardino, California, voted on Monday to postpone until Wednesday a decision on whether to declare a fiscal emergency as a step toward a bankruptcy filing. The council voted on July 10 to seek Chapter 9 bankruptcy protection as part of a plan to overhaul San Bernardino's finances after the city of about 210,000 people located 65 miles (104 km) east of Los Angeles burned through its reserves and ran out of other ways to pay for its longstanding deficit spending. City officials last week said a bankruptcy filing could take up to 30 days. A state law approved after Vallejo, California, declared bankruptcy in 2008 requires financially troubled cities to enter into talks with creditors to try to avert bankruptcy. But the law also allows cities to skip talks and move directly toward a bankruptcy filing by declaring a fiscal emergency and that they are unable to pay their obligations within 60 days.

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