Search results
Results from the WOW.Com Content Network
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
The state government ran out of cash reserves on July 2 and began paying employees and contractors with IOUs, [3] which major banks agreed to honor for the time being. [4] After a period of negotiation, the legislature and governor agreed on an austere $54.7 billion budget which reduced entitlement payments and public services.
State bankruptcies have recently become an open question as the coronavirus pandemic shreds many states’ finances. No state has ever declared bankruptcy, though. As state and local governments ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...
The 2000–2001 California electricity crisis, also known as the Western U.S. energy crisis of 2000 and 2001, was a period of time during which the U.S. state of California had a shortage of electricity supply caused by market manipulations and capped retail electricity prices. [10]
California June 26, 2009: Sunwest Bank 80 45 Mirae Bank Los Angeles: California June 26, 2009: Wilshire State Bank 456 46 First National Bank of Danville Danville: Illinois July 2, 2009: First Financial Bank, N.A. 166 47 Rock River Bank Oregon: Illinois July 2, 2009: The Harvard State Bank 77 48 John Warner Bank Clinton: Illinois July 2, 2009 ...