Remote Chowchilla, located in the San Joaquin Valley between Fresno and Sacramento, has an interesting heritage.

FORBES: Sliding Into The Pacific? Another California City Chokes On Its Bonds

Chowchilla already has axed more that one-third of the municipal payroll while cutting such services as a swimming program.

FORBES: Sliding Into The Pacific? Another California City Chokes On Its Bonds

The fall of Chowchilla had typically Californian elements, including a huge housing collapse that reduced property tax revenues and the recession.

FORBES: Sliding Into The Pacific? Another California City Chokes On Its Bonds