Public Hearing on $55 Million New Debt Ordinance

A public hearing is being held in Council Chambers on the second floor of City Hall.

Tuesday, 13 February
6pm

A number of state representatives will be presenting information on their plan to get Atlantic City to take on $55 million more in bonded debt as part of their “financial recovery plan” for our city.

Please plan on attending or watching Online (https://cityofatlanticcity.org/?page_id=465) to learn the details of this new plan. It is also a good opportunity to ask the state representatives questions, such as:

-Why is it a good idea to bond more debt when the city is already struggling to pay $34 million in debt service in this year’s budget?

-Why is it a good idea to refinance a $20 million skipped health benefits payments from 2015 that accrues 2% interest with bonded debt that accrues 4%-5% interest?

-Why is the state charging the city 10% interest on the 2015 skipped pension payments ($18 million) that the state directed the city to skip through the state emergency manager?

-Why is the state pushing for continuous bonded debt to plug shortfalls in the budget, rather than restructuring our debts and long-term liabilities?

-Why is the new administration in Trenton not exercising administrative discretion to reduce/forgive the principal and/or interest of the 2015 skipped payments?