After ten years, the city of San Bernardino, California’s bankruptcy case was formally closed by the court, marking the end of what was, at the time, the largest city to declare bankruptcy, the Associated Press reports.
While denying it had a problem with cheap coke and hookers, San Bernardino woke up one day in 2012 finding that it was running a $45 million budget shortfall. The city of 210,000 became the largest American municipality to declare bankruptcy; Detroit’s bankruptcy the following year quickly took the title.
The city is currently paying off past debt while experiencing a $2.5 million annual budget surplus as a “rainy day fund.” Since 2017, the city has been paying down its overdue bills, with 1,000 outstanding claims remaining open.