The city council in San Bernardino, Calif., citing continuing deficits and the depletion of its general fund reserves, voted Tuesday night to authorize the city to file for Chapter 9 bankruptcy.
The city of 209,000 is located 60 miles east of Los Angeles.
According to its comprehensive annual financial report for the period ending June 30, 2010, the city reported outstanding bonded debt of $223.1 million.
The bond debt includes: $131.7 million relates to tax allocation bonds; $47.9 million in pension obligation bonds; $12.5 million in revenue bonds; and $30.9 million of certificates of participation.
The bankruptcy vote was by a 4-2 margin, according to published reports.
