PROVIDENCE, R.I. (AP) – State control of the financially troubled Rhode Island city of Central Falls has ended, and power has been restored to local officials.
A spokeswoman for Gov. Lincoln Chafee says the state receivership was officially dissolved Monday.
A receiver took over in 2010 to address Central Falls’ shaky finances. Rhode Island’s smallest city went through a municipal bankruptcy that ended last fall when a federal judge approved the receiver’s five-year recovery plan.
A new finance officer will ensure the city follows the plan.
City Council President William Benson Jr. says he’s glad the receivership is over but criticized its $4 million price tag.
An attorney for the receiver says the state also is glad to have handed back authority. He says Central Falls is on a path to fiscal stability.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)