Vesting eclipsed by bankruptcy
While the Contracts Clause is a key navigational star in the firmament of our Constitution and economic universe, it is subject to being eclipsed by the Bankruptcy Clause.
Declarations of Fiscal Emergency: A Viable Option as Cities and Counties Fight to Maintain Essential Services
Before public agencies consider bankruptcy or take actions that seriously jeopardize the health and welfare of the residents, they should consider the alternative of declaring a fiscal emergency.
In denial
Many public agencies can avoid bankruptcy by ceasing to provide critical services, but when a local government can no longer hire employees to protect the basic safety of its residents, that’s an emergency in my book.