- MyNameIsCharlie
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- Fabled Mythic Member
Studies show that men think about sex every 7 seconds. I do my best to eat hotdogs in under 6, just so things don't get weird.
Please allow me to introduce Myself
I'm a man of wealth and taste
I've been around for a long, long year
Stole many a man's soul and faith
OK, now that that's handled...
Like I said above, the city defaults on its debts. Its really the same thing that happens when a individual defaults and declares BK. The difference is that the city is typically so big that the vendors and employees are the ones who get screwed.
So, say you are an electrician working on a street light retrofit. You could be owed $10,000 for services rendered, only to find a letter saying a judge has OK'd the city to pay $5000, or even not at all.
This makes banks and vendors hesitant to deal with the city, and they would either put a higher interest rate for the risk, demand payment up front, or even deny the services all together. The city still needs stuff done, so this makes the politicians lives waaay more difficult.
So you end up with potholes, dead street lights, too few working cop cars etc...