"Atlantic City is on the verge of another missed deadline that risks pushing the troubled New Jersey resort town into default and closer to a state takeover.
The distressed gambling hub has until the end of Monday to comply with the terms of a $73 million state loan that required the city council to disband the local water utility that serves as collateral for the agreement. Instead, city officials announced their own plan last week that would have the utility buy a closed airfield from the city for about $100 million and asked state officials to wave the terms of the loan."
Ref: Bloomberg
The State has threatened to demand immediate payment of the loan. The deadline was 3 October.
No action yet !
DonDiego doesn't know what a "State takeover" accomplishes. Poor old DonDiego opines Atlantic City is not a good place to be in any case.
The distressed gambling hub has until the end of Monday to comply with the terms of a $73 million state loan that required the city council to disband the local water utility that serves as collateral for the agreement. Instead, city officials announced their own plan last week that would have the utility buy a closed airfield from the city for about $100 million and asked state officials to wave the terms of the loan."
Ref: Bloomberg
The State has threatened to demand immediate payment of the loan. The deadline was 3 October.
No action yet !
DonDiego doesn't know what a "State takeover" accomplishes. Poor old DonDiego opines Atlantic City is not a good place to be in any case.
