You need to get your money back for  your internet law degree. 

" Authorization for filing of municipal bankruptcies

Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor."

Oregon only permits certain Water Districts to go bankrupt.  

All those School Districts, Fire Departments, Cities, Counties, and other PERS agencies would have to be authorized by Oregon Legislation to go bankrupt.

With Democrats and a Democratic Governor who were elected using money provided by SEIU and all the other public service unions, not going to happen.

And that's without  the referendum or other ballot measure.  

Taking money away from a fireman's widow or a police officer's widow or a teacher's widow is not going to do well at the polls.