Bankruptcies, defaults, and other local government financial emergencies Page: II
This book is part of the collection entitled: Advisory Commission on Intergovernmental Relations and was provided to Digital Library by the UNT Libraries Government Documents Department.
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In 1973 the Advisory Commission on Intergovernmental
Relations published a report, City Financial
Emergencies. That report discussed the circumstances
that define a financial emergency-bankruptcies, defaults,
or a failure to meet other financial obligations. It
also traced the history and incidence of such emergencies
through 1970, reviewed appropriate roles of state
and federal governments in relieving the emergencies,
and examined the finances of 30 large U.S. cities for
symptoms of impending emergencies. This report updates
the earlier work by examining new occurrences of
emergencies, especially those resulting in bankruptcy
and default, and reviews how new developments in
state laws and the federal bankruptcy code have helped
resolve emergencies. It also looks at what has happened
to the finances of the 30 cities since they were examined
in the earlier report.
The single most important finding of this report must
be underscored-a searching review finds no evidence
that local governments generally are experiencing increased
financial emergencies, or that they are likely to
do so in the future. Neither the 1973 report nor this one
consider the underlying economic, social, or political
factors that have caused central city-suburban fiscal
emergencies. Although these issues are important, they
are not directly related to the reasons why some governments
experience financial emergencies, while others
In addition to the governments specifically mentioned
in this report as experiencing financial emergencies,
a number of other governments were suggested by
various sources as having serious problems. Because it
was impossible to examine the facts about each suggested
government emergency, and because it would be unfair
to mention a government's name without a careful
review of the facts, not all governments reported to the
staff as experiencing various forms of financial crisis are
included in this report.
Much of the bankruptcy and default activity occurred
in special districts, single-purpose agencies, or on debt
issued by governments for "private" purposes. This report,
like the 1973 one, is primarily concerned with
general-purpose governments-those that provide a
broad range of essential services. However, to provide as
comprehensive a view as possible, information about
the extent and nature of bankruptcies and defaults in
entities other than general-purpose governments is
Robert B. Hawkins, Jr.
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United States. Advisory Commission on Intergovernmental Relations. Bankruptcies, defaults, and other local government financial emergencies, book, March 1985; Washington, D.C.. (digital.library.unt.edu/ark:/67531/metadc1317/m1/4/: accessed November 19, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.