East St. Louis No Longer “Financially Distressed”
EAST ST. LOUIS, Ill. (KMOX) – The City of East St. Louis is no longer labeled as “financially distressed,” according to the city’s mayor.
Mayor Alvin Parks held a press conference Wednesday to announce that the city would no longer be subject to state oversight of its finances.
“We have fulfilled our financial obligations by making the last repayment to retire out debt of $21,435,000,” Parks said. The retirement of the bonds issued came a year early.
Back in 1994 the city got that that bond through the Illinois Finance Authority to pay for daily operations.
Since then the state set up an advisory board to keep the city’s finances in line, that oversight will stop within a month.
Parks said despite some skepticism, the city is ready to be on its own, and will not slip back into financial turmoil.