What’s the Chance of Your City Defaulting on Its Bonds?

Posted by Terry Francke, General Counsel | Sep 16, 2013 | Awareness Area: Government, Legal Issue: Public Information, News, Public Records/Information | 0 |

Nonprofit uses public data to show likelihood cities will become unable to pay bondholders

A public interest group has applied sophisticated analysis to public records information for each of 260 California cities of more than 25,000 population to arrive at an online estimate of the quantitative likelihood that each will default on its payments to bondholders. The group is now working on a similar presentation for the state’s counties, says Marc Joffe, founder of Public Sector Credit Solutions. Despite the experiences of Stockton and San Bernardino, he says, the commercial bond rating organizations have been unrealistically pessimistic in appraising the solidity of government bonds, especially considering their relatively optimistic ratings of private enterprise investments.

About The Editor

Terry Francke, General Counsel

Terry Francke has a 39-year history of helping journalists, citizens and public officials understand and use their First Amendment and open government rights. With CalAware, Francke has authored comprehensive and authoritative guidebooks to California law on access to government meetings and public records and the news gathering and publication rights of journalists. Focusing on these issues in public forum law, he supervises CalAware's legislative and litigation initiatives; conducts workshops on legal compliance; helps design public records audits; supports local sunshine ordinance drafting efforts; writes CalAware Today, a blog on current developments and proposals in the law and best practices; and answers countless queries by phone and e-mail from citizens, journalists, public officials and employees, and lawyers. Francke previously served 14 years as executive director and general counsel to the California First Amendment Coalition, after a 10-year post as legal counsel for the California Newspaper Publishers Association. He has served as an advisory panel member to the National Center on Courts and the Media; taught journalism law at the Department of Communication at Stanford University; and served as an expert contributor to the 1994 major revisions to the Ralph M. Brown Act and the 2004 ballot proposition making open government a basic right of citizens under the California Constitution. Francke is a 1967 graduate of the University of Notre Dame and a 1979 graduate of McGeorge School of Law, University of the Pacific. Prior to his legal career, Francke worked as a weekly newspaper editor and in military and local government public affairs positions.

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