CHICAGO -- The financial watchdog for East St. Louis, Ill., on Saturday approved a $6.4 million fiscal 1992 budget for the impoverished city.

Ratification of the budget for the fiscal year that begins Jan. 1 by the East St. Louis Financial Advisory Authority moved the city one step closer to complying with a financial restructuring program that eventually could lead to a $30 million bond-financed bailout, according to authority Executive Director John Tegley.

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