San Bernardino officials say they will submit the city’s bankruptcy exit plan by today. (Staff file photo)
By Ryan Hagen, The Sun
Posted: 05/29/15 – 7:52 PM PDT |
SAN BERNARDINO >> The earth didn’t move under the city, which means today is the last day U.S. Bankruptcy Judge Meredith Jury will accept the city’s bankruptcy exit plan.
As of 7 p.m. Friday, the pivotal document — which the City Council approved 6-1 on May 18 — hadn’t yet been submitted to the court, which can be done electronically until the end of Friday.
The intention always has been to keep refining the Plan of Adjustment until just before the deadline as negotiations continued, and bankruptcy attorney Paul Glassman would file it either Friday or today, City Attorney Gary Saenz said Friday.
“We wanted for it to be as current as possible in terms of our negotiations and so on,” he said. “We’re continuing to negotiate with police, and so we wanted for it to be current and updated as of the end of the month. Those changes would be relatively minor, but it would reflect the latest developments.”
The sweeping plan, which includes paying roughly 1 percent of the $50 million owed to pension obligation bondholders and outsourcing fire services, was passed with only one dissenting vote — Councilman John Valdivia — despite significant resident and union opposition to some elements.
The vote came after city officials, along with other prominent residents, pointed to the almost literally do-or-die necessity of passing the plan.
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