And is forced into bankruptcy?. Its a nughtmare scenario SMM. Their unable to pay for critical services throwing 1000's out of work, interrupting critical services, anarchy. The state & feds would have no choice but to step in with emergency financing. Bond holders would be left holding useless certs. The really scary part about this is that many highly credible economists have predicted that 2011 will indeed be the "Year of Municipal Default". Investors are fleeing the municipal bond markets as cities revenues are crashing due to tax defaults via the housing market, high un-employment etc. Its' estimated that their are hundreds of smaller cities throughout the US on the brink, along with several majors, Detroit in particular at risk. In such a climate, Glendale is facing an awfully daunting & formidable task. They have made promises and promised cheque's to Mathew Hulsizer that their butts cant cover. I hope thats not the case, however, it'd be naive' & foolhardy not to consider these factors, among others when looking at buying their upcoming offering no?...