Oct. 30, 2014

Issue #102

Editor's Note

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Bankruptcy Judge Confirms City of Stockton Plan of Adjustment

Makes Detailed Findings that Plan Conforms to Bankruptcy Code in All Respects

In a proceeding today lasting just over two hours, U.S. Bankruptcy Court Judge Christopher Klein rejected the claims of the remaining holdout creditor, Franklin Templeton Investments, and approved the city of Stockton’s proposed Chapter 9 Bankruptcy Plan of Adjustment. The judge detailed the various classes of creditors and the extent to which they would be paid. He specifically refused to categorize the $32 million Franklin unsecured claim as a separate class, leaving it in a class of even larger unsecured claims, effectively rejecting Franklin’s claim of discrimination. The court previously ruled that roughly $4 million of Franklin’s $36 million claim was secured.

Pension Reform

Call for Proposals Now Open for 2015 League of California Cities’ Annual Conference

The 2015 League of California Cities’ Annual Conference & Expo scheduled for Sept. 30 - Oct. 1 in San Jose will provide an extensive educational program for over 1,800 local elected officials, city department directors, staff, and decision makers. With attendance growing every year, it is important to provide sessions with the most timely and relevant information available. 

Meetings and Events

Time is Running Out to Register for the League’s Municipal Finance Institute

Only three weeks remain to register for the League of California Cities’ Municipal Finance Institute scheduled Dec. 3-4 in Monterey.

Meetings and Events, Fiscal Officers

Governmental Accounting Standards Board FAQ Now Available

The CalPERS website now features a new FAQ on the Governmental Accounting Standards Boards (GASB). This FAQ was developed in response to the recently release of two related GASB statements that substantially change the accounting and financial reporting of pensions for CalPERS and CalPERS employers. Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements of CalPERS. Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of employers.

Municipal Finance, Employee Relations

California City Solutions: Lancaster Expands Recycling Center and Program

This story is part of an ongoing series featuring Helen Putnam Award entries. The 2014 entries are available on the League’s website as a resource for cities in a searchable database called California city Solutions. Lancaster’s 24-Hour Recycling Center was submitted in 2014 for the Planning and Environmental Quality award category.

CA City Solutions, Helen Putnam, Environmental Quality

National League of Cities Webinar: Power Shift in Congress — What You Need to Know

Join NLC's Advocacy Team for a post-election webinar on Nov. 7 from 10-11 a.m. They will walk through the election results and discuss the impacts on legislative priorities that matter most to cities.

NLC, Meetings and Events

HUD Resources Available for Cities

The U.S. Department of Housing and Urban Development (HUD) offers a variety of funding and resources that may be of interest to cities.

Housing, Grants and Funding
1400 K Street ■ Sacramento, CA 95814 ■ (916) 658-8200
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