Vallejo Votes For Bankruptcy
"Vallejo City Council voted unanimously late Tuesday night to file Chapter 9 bankruptcy protection.
The city faces a $16 million deficit in the 2008-2009 budget starting July 1 and unsuccessfully negotiated with its police, firefighter and electrical workers unions for contract concessions through 2012. Public safety salaries comprise 74 percent of the city's general fund budget."
The first wave in the tsunami of municipal bankruptcies caused by the employees looting their cities.
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