State Won’t Make Atlantic City Immediately Repay $62 Million

With the city staring at default, the state showed mercy Wednesday by not making the city immediately repay $62 million, even though the city violated terms of a state loan agreement. The state officially notified the city that the resort breached the agreement by missing a Monday deadline to initiate dissolution of its water authority, which was collateral for the loan.

Source: Press of Atlantic City

Posted on: October 6, 2016