Third CA City-Bankrupt.

you know shit has gotten pretty out of hand when cities are going bankrupt..

Last month, Stockton became the largest city in the state to seek bankruptcy protection after it was unable to come to agreement with its employee unions and creditors on a plan to close a $26-million gap in its general fund.
Days before Tuesday's City Council vote in San Bernardino, the city of 211,00 people had just $150,000 in the bank.

http://latimesblogs.latimes.com/lanow/2012/07/san-bernardino-bankruptcy-could-other-california-cities-be-next.html