San Bernardino Files For Bankruptcy
San Bernardino, California (CNN) It wasn't unexpected and now San Bernardino has become the third California city to file for bankruptcy protection. Officials point to lost revenues in the housing and economic downturns as part of the problem. It faced a 45 million dollar shortfall. The city filed its emergency petition in court Wednesday. San Bernardino's interim city manager says services will continue to be provided, but cutbacks could happen in the future. Last month, the city, near Los Angeles, released a report saying it was facing insolvency. In recent months, Stockton and Mammoth Lakes filed for bankruptcy. Experts say they expect to see more municipal filings as cities continue to struggle.
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