A local public entity in this state may file a petition and exercise powers pursuant to applicable federal bankruptcy law if either of the following apply:
(a) The local public entity has participated in a neutral evaluation process pursuant to Section 53760.3.
(b) The local public entity declares a fiscal emergency and adopts a resolution by a majority vote of the governing board pursuant to Section 53760.5.
(Amended by Stats. 2011, Ch. 675, Sec. 2. (AB 506) Effective January 1, 2012.)
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