Sierra Madre: The Insolvent Village That Could
Sierra Madre: The Insolvent Village That Could Diamonds and Dust Redefine The Future By Beville P. Flexworth SIERRA MADRE, CA [AP] The unincorporated village of Sierra Madre, CA declared itself insolvent February 1, 2007. This was a chastening development for this seemingly prosperous enclave nestled in the foothills of the San Gabriel Mountains, immediately below the majestic bulk of Mt Wilson. The insolvency was first announced at the City Council meeting January 15, 2007. Rumors had been swirling like Santa Anas through the famed wisteria vines for many weeks prior, and fiercely competing lawn signs had been cropping up like Algerian ivy in the bucolic tree-shaded neighborhoods. Residents were bitterly divided as to how this unfortunate turn came to pass. Municipal debts totaled $18m against available assets of $4m. Immediate cuts were made in fire services, the police department was virtually shuttered as all law enforcement duties were assumed by the Los Angeles Count...