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State-appointed receiver leaving Central Falls; Rhode Island city must abide by 5-year plan

The state-appointed receiver who has run the troubled Rhode Island city of Central Falls for years is set to depart and hand control to local officials.

A spokeswoman for Gov. Lincoln Chafee said the receivership is set to end Monday.

The receiver took over in 2010 to address Central Falls' shaky finances. Rhode Island's smallest city went through a bankruptcy that officially ended last fall when a federal judge signed off on the receiver's five-year recovery plan.

A newly hired finance officer will oversee the city's budget and make sure it sticks to the plan.

City Council President William Benson Jr. says he's glad the receivership is ending but criticized its price tag of an estimated $4 million. The city will have to reimburse to the state for the cost.