SAN BERNARDINO, Calif. (KABC) -- San Bernardino city officials announced Monday that it was out of bankruptcy after five years.
In a press release, the city also said it has started paying back its creditors under the terms of its bankruptcy exit plan. The city will also be adopting a $160 million operating budget for the new fiscal year.
Mayor R. Carey Davis also issued the following statement regarding the announcement.
"On June 15, 2017, San Bernardino officially exited bankruptcy. This is a major accomplishment for all of those who have sacrificed during the restructuring process. I am sincerely grateful for the patience, dedication and sacrifice made by our residents, creditors, employees, and businesses. We have laid the necessary foundation on which to continue rebuilding our City.
"We now confidently look to the future for San Bernardino, focusing on achieving the goals we adopted in our strategic plan. This is a significant moment for our City; I look forward to continuing toward establishing San Bernardino as a place of hope and opportunity for the residents and stakeholders of this great City."
In 2012, the city filed for bankruptcy and was among several other cities across the country that filed.
The years of bankruptcy were tough in other ways for the inland city of 216,000. Its name became synonymous with the 2015 terrorist shootings that left 14 people dead. That was followed by a broader spike in violent crime.
The Associated Press contributed to this report.
San Bernardino out of bankruptcy after 5 years, city officials say