Bankruptcy: A few troubled cities have fallen, but most are weathering the storm

Source: Larry Conley, American City and County, August 15, 2012

For a while, it seemed as if the sky was falling — three California cities in quick succession headed toward formal bankruptcy, bringing the total number of U.S. municipalities filing or declaring intentions to file bankruptcy this year to nine. Still, though it’s clear that many cities are facing financial challenges, the full picture of cities’ fiscal health is a lot murkier and more complicated than a simple Chicken Little tale.

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