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Bell back on financial feet after near-bankruptcy
- Published on 12/23/2013 - 12:44 pm
- Written by Associated Press
(AP) — A Los Angeles suburb facing potential bankruptcy following a corruption scandal is back on its financial feet.
The state controller had warned that the city of Bell could end the year with a million-dollar shortfall. But City Manager Doug Willmore tells the Los Angeles Times (http://lat.ms/1gSnOAj) that Bell now has two years of reserves in the bank.
The city raised $15.5 million by selling property and got $5.5 million from firms it blamed for failing to prevent officials from giving themselves exorbitant raises.
Five former City Council members and assistant city manager were convicted of crimes.
Former city manager Robert Rizzo has pleaded no contest to 69 criminal counts. He's also agreed to plead guilty to filing a false income tax return.