Byline: ROB WELLS Associated Press
SANTA ANA, Calif. Orange County's financial squeeze worsened Monday, aggravated by the threat of another bond default, dwindling cash and a gloomy assessment of its bankruptcy from a major Wall Street credit rater.
The Orange County Water District, which provides drinking water to the nation's fifth-largest county, asked a federal bankruptcy judge for permission to withdraw from the county's shriveled investment fund to pay creditors and avoid delinquency on its bonds.
The request was expected to lead to the first showdown among the county's creditors over which one gets access to whatever's left in the fund. …
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