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Then you run with a buffer of capital for such contingencies.

There are quite a few cities that operate like this. Granted, they are usually relatively small. They don't have fancy rec centers,...

A surefire way to fix the situation is to require all municipalities to operate under balanced budgets - i.e. no bond sales allowed. If you want a new city hall building, save up your pennies until...

Sounds good, let's see who the top unsecured creditors are:

1. General Retirement System of the City of Detroit, $2.037 billion
2. Police and Fire Retirement System of the City of Detroit, $1.437...