8 Cities Hold Highest Debt
WASHINGTON — Just eight large communities account for more than one-fifth of all the debt owed by U.S. cities, the Census Bureau reported Wednesday.
The nation’s cities had total indebtedness of $164.8 billion at the end of fiscal 1986, the bureau said.
Of that, just over $37 billion was accumulated by eight cities, led by New York with $15.72 billion, the report said.
Los Angeles was a distant second with $4.36 billion in debt, followed by Philadelphia, which owed $3.12 billion.
The remainder of the large-debt cities were Jacksonville, Fla., $3.08 billion; Chicago, $2.90 billion; San Antonio, $2.70 billion; Washington, $2.66 billion, and Houston, $2.59 billion.
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