Bad News, Bad Moves, and Bad Money May Spell Insolvency
Is it even remotely possible the City of Arcata could go bankrupt by tomorrow?
Kevin Hoover of the Arcata Eye has the stunning story of the
day, and perhaps week, in his feature article, “Arcata Ordered
to Pay Back $2.4 Million by Friday– December 20, 2012.”
And however the fiscal chips may fall, Arcata’s affordable housing program is kaput– and the State wants their money back, pronto.
Mr. Hoover writes:
Imagine the City of Arcata bankrupt and its top staff, plus the City Council, all in jail.
Those dire consequences could result from a decision made last week by the state’s Department of Finance (DOF). More immediately, the City has to pay an unexpected bill in the millions of dollars…
If you can’t wait, you can find the details in Mr. Hoover’s article here.
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(Posted by Skippy Massey)