This has been hanging around my desktop for the past week. With all the other news, it sort of got lost among the Stockton, Mammoth Lakes, and San Bernardino bankruptcies.
Victorville struggled, but apparently is balancing its budget without filing for bankruptcy protection. Good for them.
The city agency, according to the Times, shelled out $76 million for a 500-megawatt power
plant that was never built. The city paid one individual $375,000 for his home
on that plot of land; the home was worth $38,000 at the time but the city
needed the plot of desert land for the power plant. In addition to the overall
debacle, it appears the city may have used illegal measures to avoid financial
ruin. The guy who got almost $400,000 for this $40K house – he moved to Oregon
as soon as he got his money. The city presented a balanced budget this year and
says they won’t go bankrupt like Stockton. Unemployment: 14%. The city blames
their problems on the collapse of the stock market.
I was surprised they did not blame the former president.
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