Back from the Brink
The city of Sanger was on the brink of declaring bankruptcy four years ago when the recession left the small eastern Fresno County community with 10 abandoned home developments, high unemployment and a weak economy on top of mounting debt.
But instead of declaring a financial crisis like other California cities and some cities nationwide, Sanger leaders found a way to turn their fortunes around.
http://www.fresnobee.com/2014/11/30/4262561_sanger-pulls-out-of-recession.html?sp=/99/217/&rh=1
And Still Teetering
What happens when a bankrupt city does not cut its largest debt, pensions, is getting its first test in Vallejo, which has higher average pensions and higher CalPERS rates than the two larger cities still in bankruptcy, Stockton and San Bernardino.
http://calpensions.com/2014/12/01/vallejo-first-to-test-no-pension-cut-in-bankruptcy/