Here is a VERY interesting article about the FORMER City of Miami, Florida.
On December 2, 1996, the City Manager of Miami, Florida, informed the Governor of the City's fiscal crisis and requested the Governor to conclude, pursuant to section 218.503 of the Florida Statutes, that a state of financial emergency existed within the city. Get the rest of this story in this article: Local government financial emergency: the case of Miami, Florida.
If you look at the end of the above linked article, you will see that Jacksonville, Florida, faced a similar financial crisis situation in 1977 and it was merged into Duval County.
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