Cleveland Celebrates Solvency
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CLEVELAND — A smiling Mayor George Voinovich signaled the official end of Cleveland’s fiscal emergency today by helping set fire to facsimiles of the notes the city defaulted on in 1978, setting off a fiscal emergency.
“I’d like to declare today that Cleveland is no longer an Ohio liability,” Voinovich said. “It’s an Ohio asset.” The declaration came after Cleveland made a final $1-million payment to free it from the control of a state commission. The state watchdog agency that has been monitoring the city’s finances since the days of default disbanded today after its final meeting.
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