CHICAGO -- East St. Louis, Ill., met a critical deadline last Friday in its continuing efforts to solve its financial ills by submitting a fiscal 1992 budget to a state-created watchdog group.

By presenting a purportedly balanced $6.5 million budget for the fiscal year that begins Jan. 1 to the East St. Louis Financial Advisory Authority, the city moved a step closer to complying with a financial restructuring program devised by the authority that eventually could lead to a $30 million bond-financed bailout of the impoverished city.

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