East Cleveland Mayor Brandon King says the bond application has been submitted but it not yet finalized. Council members say that could become a liability to the city if it’s not addressed soon.Two weeks later, Williams was promoted to Interim Finance Director.
“The bonding application is in,” said King. “The bonding process, the application is a lengthy process. I’m not sure of all the details but the banks have to do their due diligence to then provide the necessary bonding amounts.”“A bigger liability is that services aren’t provided,” said King. “The city can’t stop operating, safety must be provided.”
Marc Kovac, a spokesman with the Auditor of the State of Ohio said, “public officials making decisions concerning public funds without bonding essentially place those public funds at risk without a guaranteed means to recoup them, should those funds be misspent or mishandled.”
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