The city council of San Bernardino, Calif., yesterday voted to file for bankruptcy, marking the third time in recent weeks a city in the most populous U.S. state has opted to seek protection from its creditors, Reuters reported today. The decision by the leaders of San Bernardino, a city of about 210,000 residents approximately 65 miles east of Los Angeles, followed a report by city staff that said the city faced an imminent financial crisis. The report said that the city had exhausted its reserves and projected spending would exceed revenue by $45 million in the current fiscal year which started on July 1.
