Atlantic City OKs state loan to avoid default
The City Council in Atlantic City, New Jersey, has approved a long-awaited state loan to help it stave off default and possible bankruptcy. But if it can’t repay the loan, the state can begin seizing city assets, including a coveted utility plant and land.
The $74 million loan was part of a larger financial aid package agreed to this year by the city and the state.
Moody’s Investors Service warned Wednesday the city likely would default on a $3.4 million debt service payment on Monday if the loan didn’t go through before then.
Democratic Council President Marty Small says the funds will relieve the short-term pressure on the city as it tries to come up with a fiscal reorganization that would prevent the state from taking over its finances and major decision-making power in November.
Atlantic City’s tax base has contracted since four of its 12 casinos closed.
N.J. coronavirus update: Teachers, other workers eligible for the vaccine in 2 weeks
New Jersey is also opening up vaccine eligibility for members of the state’s tribal communities and people experiencing homelessness.
2 days ago
‘Neighbors caring about our neighbors’: Mutual aid groups rise up in South Jersey
Grassroots mutual aid groups in South Jersey provide food, basic necessities, even companionship as the COVID pandemic approaches the 1-year mark.
3 days ago
Poll: Increasing number of N.J. Latinos say they would take COVID-19 vaccine
A study says N.J. Latinos are increasingly willing to get vaccinated against COVID-19, but one Latino advocate is concerned about lack of efforts to reach his community.
4 days ago