Bankruptcy talk spreads among Calif. muni officials

Well, here is another story about a municipality that is talking bankruptcy.

Antioch's leaders earlier this month said bankruptcy could be an option for the cash-strapped city of roughly 100,000.

"Antioch's fiscal woes are standard issue for local governments in California: weak revenue from retail sales and property taxes is forcing spending cuts, layoffs and furloughs. But cost-cutting measures may not be enough to keep Antioch's books balanced, so its city council is openly discussing bankruptcy."

"Marc Levinson, a lawyer with Orrick, Herrington & Sutcliffe LLP who is representing Vallejo in its bankruptcy proceeding, agrees that California's hard times and lean local budgets are forcing local leaders to weigh bankruptcy. "It's a topic on everyone's lips because cities and counties and local governments are hurting," Levinson said."

Like I've said before, I think we will continue to see more cities, counties and even states talking bankruptcy.