Economic Collapse, $420,000 Missing, Verge of Bankruptcy For City Of Oakridge, Oregon

Only large amount of concrete are left behind in this once bustling timber town of Oakridge, Oregon. Children only attended school four days a week last session, while many parents remained unemployed. It only gets worse, the city is short of cash for a payment that’s due in the next few days. The city council held a large public meeting last week before an auditorium filled with distraught residents, calling for resignation and recall of elected officials. The city has a discrepancy in its bookkeeping of an estimated $420,000. Last week the council voted unanimously to seek $500,000 in loans to pay bills that are soon due. They’re seeking the money from private banks or preferably from Lane County. They hope the county will forward property tax payments to them in advanced of the usual payment time of December. If the city can’t find the missing $420,000 or obtain a loan to cover expenses the city may borrow money from a private citizen.

Watch Below as Aaron Baker gives a report from ground zero of the economically collapsed city.

 

KVAL of Eugene, Oregon reports on the pondering of bankruptcy for Oakridge, Oregon.

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No Sugar Coated News’ report on Oakridge, Oregon in February of 2010.

Watch video below-

 

 

 

Links to all major news stories on this issue, below.

 

Bank, county work with city on $500K loan

 

Oakridge votes to seek funds The City Council will seek to borrow $500,000 against future tax revenue in order to avoid bankruptcy

 

Small town seeks $500K to avoid bankruptcy

 

Oakridge Lists Lane County as Possible Source of Aid

 

 

 

By Aaron Baker

Aaron Baker Aaron Baker is the Owner and Cheif Editor of No Sugar-Coated News.

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