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This Illinois Town Is on the Brink of Bankruptcy. How Many Will Follow?
Governing: Two cities in Illinois are facing a cash shortage thanks in large part to the state. And some say more cities may soon be facing the same fate.
At issue is an eight-year-old state law that is designed to compel municipalities to fund their public safety pensions according to statutory minimum levels. In places that fail to do so, police and firefighter pension boards can petition the state comptroller to intercept state revenues due to the cities and towns.
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