San Bernardino has filed an emergency petition for Chapter 9 municipal bankruptcy protection, roughly two weeks earlier than planned. On July 9, 2012, the San Bernardino City Council approved a decision to file for bankruptcy, but the actual filing came sooner than expected, spurred by lawsuits filed against the City’s Police Department. The emergency filing was made to protect the City from having any of its assets seized.
For the past month, news about San Bernardino and its troubled financial state has been anything but scarce. MuniNetGuide.com has continued to provide an updated collection of resources – including official documents released by the City and the U.S. Bankruptcy Court – Central Division of California – pertaining to San Bernardino’s decision to seek bankruptcy protection, through the actual filing on August 1, 2012.
Straight from the source:
- U.S. Bankruptcy Court – Central District of California: City of San Bernardino, California
- San Bernardino, California’s official city website
- San Bernardino Official Notice of Bankruptcy Filing (dated 8/1/12)
- San Bernardino Financial Status Update (dated 7/18/12)
- Watch a video recording of the July 10 special meeting of the San Bernardino Mayor and Common Council, where the Council voted to approve Chapter 9 bankruptcy filing
- City of San Bernardino Budgetary Analysis and Recommendations for Budget Stabilization (dated 7/9/12)
- City of San Bernardino Financial Reports, including Comprehensive Annual Financial Reports dating back to fiscal year 2007-2008
- City of San Bernardino Budget Information – includes recent budget documents, video recordings of budget and economic outlook presentations, and even five-year projections
Local news coverage:
- (8/2/12) San Bernardino County Sun – San Bernardino Files for Bankruptcy
- (8/1/12) Los Angeles Times – San Bernardino Officially Files for Bankruptcy
- (7/19/12) Los Angeles Times – San Bernardino Declares Fiscal Emergency Ahead of Bankruptcy Filing
- (7/18/12) San Bernardino County Sun – San Bernardino Declares Fiscal Emergency, Approves Bankruptcy
- (7/12/12) Los Angeles Times – Plenty of Blame on Long Road to San Bernardino Bankruptcy
- (7/12/12) Inland Valley Daily Bulletin – Economy Played Key Role in San Bernardino’s Financial Decline
- (7/10/12) Los Angeles Times – San Bernardino Votes to File for Bankruptcy Protection
- (7/10/12) Bernardino County Sun – San Bernardino Authorizes Bankruptcy Filing – (this article is followed by reactions via Facebook and Twitter.)
- (7/10/12) Press Enterprise – San Bernardino: City to Seek Bankruptcy Protection
Articles from national media outlets:
- (8/2/12) The Wall Street Journal – San Bernardino Files for Bankruptcy
- (8/2/12) Bloomberg – San Bernardino, California, Files Chapter 9 Bankruptcy
- (7/19/12) Reuters – San Bernardino, California Sets Course for Bankruptcy
- (7/19/12) msnbc.com – San Bernardino, Calif. Opens the Door to Bankruptcy Filing
- (7/18/12) Bloomberg – California’s San Bernardino Votes to Declare Bankruptcy
- (7/13/12) msnbc.com – Authorities Probe Bankruptcy-Bound San Bernardino
- (7/13/12) Bloomberg – California City Under Investigation Drained Reserve Funds
- (7/12/12) The Bond Buyer – San Bernardino, Calif Still Considering its Options
- (7/12/12) Reuters – San Bernardino Mulls How to Move Toward Chapter 9
- (7/11/12) The Bond Buyer – San Bernardino Votes to Authorize Bankruptcy Filing
- (7/11/12) Bloomberg – San Bernardino Third California City to Choose Bankruptcy
- (7/11/12) Reuters – San Bernardino Becomes Third California City Seeking Bankruptcy
Other Resources & Articles Related to Fiscal Distress and Municipal Bankruptcy:
- U.S. Courts – Bankruptcy Basics: Chapter 9 Municipal Bankruptcy Protection
- MuniNet Guide Expert Interview with James Spiotto, Chapman & Cutler: Municipal Bankruptcy Remains Last Resort Despite Troubled Economy
- MuniNet Guide Expert Interview with Tim Maniccia: The Fork in the Road: How a Local Government’s Approach to Fiscal Distress Can Determine Its Financial Future