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Article: East St. Louis, Ill., Reaches Budget Compromise With State Watchdog.
- Article from:
- The Bond Buyer
- Article date:
- January 19, 1999
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Ward, Andrew
Fiscally troubled East St. Louis, Ill., last week averted a financial crisis by agreeing to a compromise 1999 budget with its state-appointed financial overseers.
The East St. Louis Financial Advisory Authority - the state agency that must approve the city's budget - rejected two earlier versions because of disagreements over revenue estimates and accounting for a special revenue windfall.
The budget approval comes as the city is planning a rare trip into the market. In coming weeks, officials plan to sell an unrelated $5 million tax-increment financing deal to build a new library. NationsBank Corp. will back the bonds with a ...