By Todd McCune Bray, Riptide Correspondent
A declaration of bankruptcy by the City of Pacifica may not be a bad thing. I'm researching what it might mean for our town (procedurally) to go through a Chapter 9 bankruptcy (with the blessings of the Tribune), but given our current financial circumstances, choosing a Chapter 9 bankruptcy may be a really smart thing to do. While there are issues of resident and business flight, in this economy that is doubtful. The most interesting aspects of a Chapter 9 bankruptcy are court-appointed time to restructure debt and commitments to things like our pension liabilities, coupled with the protection of the federal government against seizure of city-owned assets from creditors.
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