Montebello Comes Up with Plan C, Last Resort to Make Payroll

Summary

---

With just weeks left until Montebello runs out of cash, city officials say they have a new plan to make payroll and maintain vital services.

Montebello's previous plan to pay its employees through October and November with a short-term loan of $3.9 million has fallen flat - devoid of lenders willing to take a chance on the fiscally troubled city.

See the full content of this document

Extract

---

Montebello Comes Up with Plan C, Last Resort to Make Payroll

Plan C - as city officials are calling it - requires Montebello to deplete its self-insurance fund, take money from its water utility fund and use grants that city officials expect outside agencies to pay out in the coming months, acc...

See the full content of this document

---