Los Angeles Suburb Faces Financial Collapse; Bankers Might Try to Seize the City's Parks, Gymnasiums, Even the Swimming Pool
Telegraph - Herald (Dubuque) › November 13, 2004
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Summary
GARDENA, Calif. (AP) - A disastrous gamble in the insurance business has pushed this Los Angeles suburb to the brink of financial collapse and raised fears that Gardena's bankers might try to seize the city's parks, gymnasiums, even the swimming pool.
With a $26 million debt payment due next month, the city with the slogan "Rich Heritage, Bright Future" could join the short list of U.S. municipalities that have gone bankrupt.See the full content of this document
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Los Angeles Suburb Faces Financial Collapse; Bankers Might Try to Seize the City's Parks, Gymnasiums, Even the Swimming Pool
"I don't want to go bankrupt. I probably shouldn't say that, but it's certainly one of the things that's an option," said City Manager Mitchell Lansdell.
The creeping crisis in this working-class city of 60,000 is a cauti...See the full content of this document
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