That’s the plan that will be laid out in its bankruptcy exit plan, ending the largest municipal bankruptcy in California since Orange County in 1994.
This has been a case study in municipal insolvency, as other cities across the state have been following closely and considering their own financial futures.
From the Wall Street Journal:
City officials in Vallejo, the largest California municipal entity to file for bankruptcy since Orange County in 1994, will vote Tuesday evening on a five-year plan that could mark the beginning of its exit from that situation.
If the city council approves the plan to slash spending, increase revenue and deal with its debts, Vallejo still faces a tedious process of sending a plan of adjustment to the bankruptcy court and actually negotiating with creditors.
Read the full article here.