Caa1 2009 revenues:
$46,183,000 2009 debt ($000s):
$99,115,000 Median household income:
The source of Pontiac’s troubles is similar to that of Detroit’s. General Motors, which went bankrupt during the recession, is the city’s largest employer and taxpayer. The city has been in receivership since 2009. Also in 2009, the city sold its Silverdome stadium, which cost $55 billion to build, for $583,000. Such concessions have not been enough to raise the city’s rating.
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