By Justin Smith The California Assembly recently approved AB 155 (Mendoza), a bill that prohibits cities and counties from filing bankruptcy without state approval and is headed to the Senate. The bill requires local governments and counties to get approval from the California Debt and Investment Advisory Commission (CDIAC) before filing for bankruptcy. The California Debt and Investment Advisory Commission consists of the State Treasurer, the Governor or the Director of Finance, the State Controller, two local government finance officials, two Assembly Members, and two Senators. The bill is backed by several unions and the most notable among them is the California Professional Firefigh