California to reform oversight of financially-troubled districts

06/18/2004 | Los Angeles Times (tiered subscription model)

Next month, California Gov. Arnold Schwarzenegger is expected to sign into law broad reforms that expand the state's ability to monitor fiscally-troubled districts and revise their budgets. With nine of 45 districts on the watch list expected to go bankrupt within the next two years, lawmakers are hoping to stave off costly bailouts, such as the $60 million package recently approved for the Vallejo City Unified District.

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