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Reviving Cities: Legal Remedies to Municipal Financial Crises

INTRODUCTION 634 I. THE CAUSES OF MUNICIPAL FINANCIAL DISTRESS 637 A. The Socioeconomic-Decline Approach 638 1. The National Economy 639 2. Suburbanization and Population Changes 640 3. Intergovernmental Policies 641 B. The Local-Management Approach 642 1. Municipal Officials 642 2. The Political Environment 643 II. THE LEGAL REMEDIES FOR MUNICIPAL INSOLVENCY 647 A. The Creditors’ Remedies 647 B. Chapter 9 of the Bankruptcy Code 650 C. State Financial Boards and State Municipal Insolvency Statutes 654 III. THE SUPERIOR RISK BEARER OF MUNICIPAL INSOLVENCY 656 A. The Residents as Risk Bearers 656 B. Who Is the Superior Risk Bearer: Creditors or the State? 660 C. The State as the Superior Risk Bearer 664 1. The State Can Better Deal with the Socioeconomic Processes 664 2. The State Can Address the Political Causes of the Crisis...... 668 IV. MUNICIPAL INSOLVENCY LEGISLATION 672 A. The Need for Municipal Insolvency Legislation 675 B. The Advantages of State Intervention: North Carolina’s Example 679 CONCLUSION 683