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Moody's plans to review its debt ratings of California cities over the next few weeks and said it believes the risk of default on municipal bonds in the state is rising.

The Anaheim City Council heard public comments for over three hours Wednesday from residents who want voting districts they say will increase Latino representation. But the council rejected the proposal on a 3-2 vote.

Senate President Pro Tem Darrell Steinberg (D-Sacramento) says it's too early to make changes in a mediation process for municipalities seeking to file for protection. Legislation that could have delayed some municipal bankruptcies has been tabled after being opposed by the mayors of California's largest cities, including Los Angeles' Antonio Villaraigosa.

In just three days, a lemonade stand started by 9-year-old Joshua Smith has made over $1,200 to help his home city of Detroit, which has a deficit of more than $100 million.

San Bernardino must cut government spending by a third, almost assuredly resulting in widespread layoffs or pay reductions for city workers, as it prepares to officially file for bankruptcy protection, city officials said.

San Bernardino leaders' decision means the city could avoid months of state-mandated mediation as it seeks bankruptcy protection. The San Bernardino City Council on Wednesday declared a fiscal emergency, an acknowledgment that the city is nearly broke and a legal maneuver that will allow leaders to file for bankruptcy protection without going through months of state-mandated mediation.

When cost of living is factored in, most of the places that boast the highest effective pay turn out to be in the less celebrated and less expensive middle part of the country... In first place is Houston, where the average annual wage in 2011 was $59,838, eighth highest in the nation. What puts Houston at the top of the list is the region’s relatively low cost of living, which includes such things as consumer prices and services, utilities and transportation costs and, most importantly, housing prices...

The Sheriff's Department said Thursday it was working with police and the district attorney's office to investigate possible criminal activity within the government of San Bernardino, where city officials voted this week to take the rare step of filing for bankruptcy.

The San Bernardino City Council votes to file for bankruptcy. Facing a $45-million budget shortfall and the prospect of not being able to pay city workers, the panel Tuesday voted to file municipal bankruptcy, the third California city to do so in recent weeks.

SAN FRANCISCO (Reuters) - Mammoth Lakes, California filed on Tuesday for Chapter 9 bankruptcy protection from its creditors due to a nearly $43 million legal judgment against it.