CLEVELAND -- A state watchdog agency that had been monitoring Cleveland's finances since the days of default disbanded yesterday after one last meeting.

The commission began overseeing the city treasury in 1980, when Cleveland was declared in a state of fiscal emergency.

That declaration came more than a year after the city defaulted on $15 million in loans to six banks on Dec. 15, 1978. The city emerged from default in November 1980 when eight banks agreed to refinance $36.2 million in municipal bonds.

Yesterday, the city made a final $1 million payment at a City Hall ceremony to free it from control of the state commission. City financial officers are shifting $1 million to the motor vehicle maintenance account, the last account with old debts.

According to the mayor's office, the payment completes either the repayment or refinancing of the $111 million debt that existed when Mayor George Voinovich took office in late 1979.

"It ends one of the saddest segments in Cleveland history," Voinovich said. "I think all of our heads hung low when we became the first {major} American city since the Depression to go into default."

Voinovich, who plans to run for the U.S. Senate next year, refused to discuss the political history of Cleveland's default, though he has previously blamed the debts on his predecessor, Dennis Kucinich. Protester Jailed for '70 Bomb Attempt SEATTLE -- Silas (Trim) Bissell, who spent 17 years in the underground, pleaded for mercy but was sentenced to two years in prison for placing a bomb under an ROTC building in an antiwar protest.

Bissell, 45, is a member of the Bissell carpet-cleaning family. He went underground in 1970 after jumping bail for his arrest for placing a time bomb beneath the ROTC building at the University of Washington in January 1970. Bissell was captured by the FBI in January in Eugene, Ore., where he works as a physical therapist.