Why Muni Investors Aren't Sweating Over StocktonBy
The California city of Stockton has moved one step closer to bankruptcy, but muni investors aren’t panicking. Last night Stockton’s city council voted to skip $2 million in bond payments and, signaling more gloomy news to come, to begin negotiating with creditors as it tries to avert bankruptcy. The city, saddled with high crime and a foreclosure rate second only to Las Vegas, faces at least a $20 million budget gap.
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