What do you expect when the city is run by democrat unions for 50 straight years?
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...the bankruptcy will “increase” (in a way) both infrastructure and revenue. The abolition of long term indebtedness will free up revenue for present value uses (ie: it will have a net effect similar to an increase in revenue). The removal of debt secured by real property within the city will increase the value of that property (by eliminating or reducing the liability attached to such property). Secured creditors generally keep their secured status with respect to property; however, in a situation where most of the real property owned by the city is worth significantly less than the debt owed, the creditors will be more likley to negotiate a settlement with the city rather than wasting time in foreclosing valueless property. Thus, some secured debt will be eliminated, effectively increasing the value of the City’s property (infrastructure). Also/again, the new availability of revenue will lead to better investment in infrastructure.Comment -
I wish I could just write off my debt. Maybe write off a few bad bets in the process too.Comment