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

Atlantic City On The Brink Again

NJ Spotlight takes a look at Atlantic City's latest dance with Trenton over the terms of its emergency loan. Senator Jim Whelan (D-Atlantic), in an interview, says that he believes that the deadline for deciding what to do with Atlantic City's Municipal Utilities Authority is less important than the Nov. 3 deadline - which is the date by which the City has to have a balanced budget for 2017.


Posted on: September 19, 2016