| Show 8F The Salt Lake Tribune Sunday January 10 1988 Broke N Dakota Town Files in Bankruptcy Court After Oil Boom Goes Bust By Bob Imrie Associated Press Writer BELFIELD ND — This former bfiom town out of money and nearly million in debt after oil prices )mmeted plans to seek protection ufider a rarely used section of feder- of Cities have filed tion since Wellston Okla “I think almost any top bond attorney would advise a municipality not to file” said Frank Shafroth the league’s director of federal relations “You will have a mark on your credit record that will make it far more expensive if not impossible to issue debt" “As I see it today I don’t think that the city will be in a situation to borrow any money for 20 years” said Phil Dolyniuk mayor of this ranching town of 1100 people about 120 miles west of Bismarck Dolyniuk said raising taxes to pay al bankruptcy law '"We will have a scar in our history Iiere is no doubt about it” Gordon lirich owner of the Badlands on Main Street said recently 'The City Council plans to file for Reorganization of debt next month apder Chapter 9 of the US BankPhar-idac- y ruptcy Code giving Belfield officials J! months to repay $187 million without fear of lawsuits from credi- - i- v According only three communities for Chapter 9 reorganiza1980: South Tucson Ariz Mo and Wapanucka to the National League - 30 Megabytes COMPATIBLE IBM-XT- $©9900 Monochrome Monitor K high-payin- memory 10 mHz 150 watt power supply 8 expansion slots Key lock Auto reset High quality components One year warranty Add ‘140“ for extra 35” floppy four-memb- UP YOUR INTERROGATORY! 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