Cleveland’s default risk rattles Northeast Ohio observers
A CT survey of Lorain and Western Cuyahoga County officials finds concern that Cleveland’s looming debt default could shadow the region’s economy. Suburbs expect minimal direct impact on sewer fees, but investors may pause on regional funding. Local officials remain hopeful Cleveland will avert a formal default.
MENTIONED IN THIS ARTICLE
C-T
Lorain
Cuyahoga County
Cleveland
Ohio
Virginia Felderman
Greater
Olmsted Falls
Westlake
Strongsville
Berea
Banks Ponder Cleveland Fate Amid City Default Risk
Cleveland teeters on default as banks weigh refinancing 15.5 million in notes due Friday. Mayor Dennis Kucinich appeals for a one half of one percent income tax hike to save the city while ratings agencies deem bonds unmarketable. Weather outlook cold with snow flurries and squalls in the Snow Belt.
MENTIONED IN THIS ARTICLE
Dennis Kucinich
Cleveland
Regional Income Tax Agency
RITA
Rerea
Robert Boutson
Greater
UPI
Kucinich
New York City
Moody's Investor Services
Standard and Poor's
George Forbes
Gas firm may lift moratorium on new customers
Columbia Gas of Ohio moved to end its six year old moratorium on new industrial, commercial, and residential service. chairman Marvin White said the company expects no supply problems this winter and may seek PUCO approval in time for the spring building season. Last winter curtailments hit some large industrial users.
MENTIONED IN THIS ARTICLE
Lorain
Columbia Gas of
Ohio
The
Public Utilities Commission of Ohio
PUCO
Columbia
Resi
Marvin White
White
Lorain Kiwanis
Killean moves to detective bureau after shooting incident
Elyria police officer Michael Killean, who shot and killed burglary suspect Michael Morrison, 22, at Kaplan's Furniture Store on December 4, is reassigned from patrol to the detective bureau. Chief Paul A. Brand said the move speeds up a reassignment he was already considering and that Killean will work with Sgt. Lawrence Jezewski as liaison between patrol and detectives.
MENTIONED IN THIS ARTICLE
Elyria
Michael Killean
Michael Morrison
Kaplan
Paul A. Brand
Killean
Brand
Lawrence Jezewski
Iran faces oil strike as shah coalition talks renew
Iran bows to an oil import strike while negotiating refined petroleum deals abroad and launching a pro shah counter campaign. Reports say clashes in Isfahan leave about 40 dead as pro shah villagers uproot statues amid widespread rioting and fears of a widening crisis.
MENTIONED IN THIS ARTICLE
Tehran
Iran
UPD
Shah Mohammed Reza Pahlavi
Mashad
Ayatollah Qemi
Imam Reza
Qemi
Arak
Isfahan
Shah
Wage-price guidelines revised in inflation fight
Washington administrators revised wage-price guidelines to widen feasibility for wage hikes and tighten profit rules. The changes, announced seven weeks after President Carter's drive, aim to boost compliance amid union and business concerns. Teamsters bargaining with trucking industry begins. two major changes limit fringe benefit increases and curb profit margins to discourage price hikes.
MENTIONED IN THIS ARTICLE
Washington
UPI
Carter
Teamsters
Council On Wage and Price Stability
Cleveland trucks and equipment seized by utility
Cleveland Electric Illuminating Co. resumes seizing city assets to satisfy the Municipal Light Plant debt. About 50 of 60 plant repair trucks and 14 of 26 water department trucks were impounded. City officials call the move vindictive and warn it could affect emergency services. CEI cites protecting claims. Authorities say the action follows a court order, while city officials plan to seek permission to use the seized equipment.
MENTIONED IN THIS ARTICLE
Cleveland
UPI
Cleveland Electric Illuminating Co
Cleveland Utilities Department
CET
U.S
CEI
Julius Ciaccia
Water Department
Ciaccia
Donald K. Kindt
CEL Saud
Robert B. Krupansky
Jack Schulman
Dennis Kucinich
CEL
Parallels Seen Between Cleveland and Elyria Cash Woes
Cleveland faces a looming default with 15.5 million in short term notes due Friday. Elyria narrowly avoided disaster in 1977 when five local lenders renewed a 425000 city hall note, amid 2.4 million in notes and funding strains.
MENTIONED IN THIS ARTICLE
Casey Turton
Cleveland
Elyria
Focal
City Hall
Also Mentioned on This Page
Betsey Maupin
Steve Fogarty
Tom Dochat
Judy Johnson
Burning Rivers
Exmayor
Thomas Zammikiel
William Fritsche
Banks
Albrecht Road
John Kenney
Ing
Obertin
BS Sports
Orva Baldwin
Carl Remensky
Detective Squad
Ryu
Laca
West River Parkway
Fuller Road
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