The Nation - News from June 26, 1987
A jubilant Mayor George V. Voinovich declared Cleveland’s recovery from fiscal calamity complete as he and city Finance Director Charles Brown burned facsimiles of the notes on which the city defaulted in 1978. The occasion was the final $1-million payment to free544499813agency. The payment erased a $111-million debt that existed when Voinovich took office in 1979. Cleveland emerged from default on Nov. 18, 1980, when banks agreed to refinance $36.2 million in municipal bonds, but remained in a fiscal emergency because of deficits in some funds.
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