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02-27-2008, 09:50 PM #1
Vallejo City Council Discusses Filing For Bankruptcy
Vallejo City Council Discusses Filing For Bankruptcy
Posted: 6:39 AM Feb 27, 2008
Last Updated: 7:33 AM Feb 27, 2008
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A | A | A Vallejo officials met tonight to discuss the city's financial troubles, which are pushing it closer to declaring bankruptcy.
After labor talks aimed at keep the city solvent broke off last night, the city manager recommended that it file for bankruptcy protection.
With Vallejo facing a six million dollar shortfall, officials say the city will run out of money by the end of next month.
The city council took no action tonight, and will meet again on Thursday to vote on the city manager's recommendation to seek bankruptcy protection. Service and staffing cuts will also be considered.
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