The check is not in the mail. Prichard, Alabama, came out of Chapter 9 bankruptcy in 2002 and promised to make deposits into its public pension fund. They didn’t and now they are simply out of money. Retirees did not… Continue Reading →
At this point in the meltdown timeline, municipal bond defaults have not yet occurred in the traditional sectors we think about such as cities, towns, states, utility systems and school districts. The few notable exceptions include Vallejo, California, currently working… Continue Reading →
Municipal bond defaults over the last two years occur in sectors that tie into the financial crisis: real estate. Multi-family housing and land development projects that never took off are at the front line. Special entities – usually a district… Continue Reading →
School districts are often considered the safest investments in the tax exempt markets. They receive from 20-90% of their funding from their state governments, most of the rest from property taxes. So what to worry? Well, state governments, whose revenues… Continue Reading →
Prichard, Alabama, town of about 25,000, outside of Mobile, filed Chapter 9 bankruptcy in 1999 and finally exited in 2002. They look poised for a second round. Their issues seem similar to Vallejo, California – they cannot afford to continue… Continue Reading →
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