The city of Stockton California recently tried a unique approach to avoid declaring bankruptcy. The city decided if they stop paying certain bills, they would have more money to pay other vendors.
The only problem with this strategy was they stopped making payments to Wells Fargo on revenue bonds that were issued to construct two of the city’s parking garages. Wells Fargo took the city to court and won a judgment against the city.
To read more about this story “California City Hit With $2 Million Parking Ticket” by Rich Smith please copy the following link into your web browser.
http://www.dailyfinance.com/2012/04/17/stockton-calif-2-million-dollar-parking-ticket/
