Local News in Brief : City, Mayor Honored
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The U.S. Conference of Mayors on Friday gave the City of Los Angeles and Mayor Tom Bradley the 1987 Mayors’ Financial Leadership Award, citing Bradley for presenting 14 consecutive balanced budgets while at the helm of the nation’s second-largest city.
Bradley, accepting the award in Washington, said that his record is “one of my proudest accomplishments as chief executive--and one of my greatest challenges.”
For the record:
12:00 a.m. Feb. 5, 1988 For the Record
Los Angeles Times Friday February 5, 1988 Home Edition Part 1 Page 2 Column 5 Metro Desk 2 inches; 37 words Type of Material: Correction
A story on Jan. 23 reporting that the city of Los Angeles and Mayor Tom Bradley received a Financial Leadership Award from the U.S. Conference of Mayors should have said that a co-sponsor and source of a $25,000 internship grant was the AMBAC Indemnity Corp. of New York.
Under the City Charter, the municipal budget must be balanced, but the U.S. Conference cited Bradley’s leadership in maintaining the city’s high bond rating despite economic hard times and the passage in 1978 of the property tax-slashing Proposition 13.
Also cited in the selection was the financial success of the 1984 Summer Olympic Games, in which taxpayers were not required to underwrite any of the activities.
As part of the award, the city will receive a $25,000 grant for an internship in the city administrative office.
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