Archive for July 26th, 2012

LATimes: Bankrupt San Bernardino must cut spending by a third

Widespread layoffs or pay reductions for city workers are expected. The city is preparing to file for bankruptcy protection.

 

By Phil Willon, Los Angeles Times
July 25, 2012, 7:50 p.m.

San Bernardino must cut government spending by a third, almost assuredly resulting in widespread layoffs or pay reductions for city workers, as it prepares to officially file for bankruptcy protection, city officials said.

Interim City Manager Andrea Travis-Miller told the City Council that it must cut $45.8 million from the $166-million budget to ensure the city remains solvent throughout the current fiscal year, which runs through next June. Crafting the austerity plan will be required as part of the Chapter 9 municipal bankruptcy process.

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Congressman Gary Miller (Dennis Cook /AP)

BY BEN GOAD
WASHINGTON BUREAU
bgoad@pe.com

Published: 25 July 2012 06:15 PM

WASHINGTON – One of them is among the most vocal advocates in Congress for comprehensive immigration reform, including a path to citizenship for illegal immigrants.

The other has championed legislation to end birthright citizenship altogether for the children of the undocumented.

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The PE: RIVERSIDE: New bonds will save money on old debt

BY ALICIA ROBINSON
STAFF WRITER
arobinson@pe.com

Published: 24 July 2012 06:21 PM

Riverside will save about $300,000 per year, for a projected total of $2.3 million, by borrowing money to repay older debt, officials said.

The City Council voted Tuesday, July 24, to issue up to $48 million in bonds that will pay off debt issued in 2003. The new bonds will be at a better interest rate, saving about 5.27 percent when compared with the existing debt, according to a staff report.

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