By: news@abc6.com
Central Falls will emerge from bankruptcy on Thursday.
The move comes more than a year after the city was unable to overcome a 6-million dollar operating deficit, and 2-years after it was put into receivership.
Emerging from bankruptcy doesn't mean that everything goes back to normal, but it does put Central Falls on a path, to regain its independence.
City leaders will begin to regain their power from the receiver and the state at the beginning of next year.
The city council has agreed to abide by a strict 6-year budget, drawn up by a federal bankruptcy judge.
The council will be required to submit and sign off on quarterly financial reports, to show that the city is maintaining a balanced budget.
It's a requirement that must be met, if Central Falls wants to avoid falling back into bankruptcy.
"That budget has to stay balanced, its flexible so long as its balanced, if we see more revenue we can expend more, but the key is that it has to stay balanced, which I totally agree with." said Central Falls City Councilor Bob Ferri.
To help keep a close eye on the budget, Central Falls will appoint a new administrative and finance officer.
Those positions will be filled by Central Falls' new mayor, after the December 11th special election.
