ARCADIA, LA (KSLA) - Key was arrested after turning himself in just two days before Christmas on Dec. 23, 2013. He bonded out shortly after.
Key's guilty plea is the latest development in connection with the town's ongoing financial troubles.
Gibsland's town hall was raided in May, after a state legislative audit found that records were missing. It was found that the town owed the IRS $80,000.00 in payroll and other taxes, and that money was taken out of employee paychecks but never made it to their destination.
At the time, Mayor Pro Tem and Alderman Marketris Jones claimed the financial problems began when Odell Key took office again in 2011. Key denied the accusations, calling them "all lies."
The state of Louisiana appointed a fiscal administrator in August, after it was determined that the town did not have enough money to fund its operations and pay its debts.
That fiscal administrator, David Greer, says that Key has not been involved in any town business since he stepped into the role on November 20.
Key's sentencing is set for May 9, 2014.