Atlantic City To Consider Bankruptcy Filing
ATLANTIC CITY, N.J., (CBS) -- Atlantic City Mayor Don Guardian has called an emergency meeting of City Council next week to discuss what a press release terms "the possibility of bankruptcy and other municipal fiscal issues".
After New Jersey Governor Chris Christie failed to approve a series of bills that would have allowed casinos to make predictable payments in lieu of taxes for 15 years, a move that would have stabilized municipal finances, Guardian says "The City of Atlantic City has been left with no other option but to explore bankruptcy."
Guardian still holds out hope to work with Christie and Senate President Steve Sweeney to address the ongoing funding issue.
Atlantic City would need permission from the state to file for bankruptcy protection. Sweeney is pushing a plan to have the state take over most of Atlantic City's financial responsibilities.
