VICTORVILLE—In what some observers are saying represents a major progression in Victorville’s inevitable slide toward bankruptcy, the city has defaulted on two bond issuances with a total value of $173 million.
The city was unable to cover $7.5 million of a $10.6 million payment due on December 1 after Bank of New York Mellon balked at the city seeking to utilize restricted funds for a $535,000 principal payment.
