The State of New Jersey moved on Wednesday to take control of Atlantic City, having lost patience with the financially troubled gambling resort’s inability to pay its bills.
Over the objections of Atlantic City’s elected officials, the Local Finance Board in Trenton unanimously approved a five-year state takeover to stave off a bankruptcy filing by the city. The decision would give the head of the finance board the power to sell municipal assets, renegotiate union contracts and fire city employees.
“It’s an incredible responsibility, one that I’ve lost sleep over the last few weeks,” Timothy Cunningham, the head of the finance board, told reporters, according to The Associated Press. “I’m sure I’m going to lose sleep tonight.”
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
Atlantic City overspent the taxpayers money. Sounds a lot like another beach resort I know of located in Maryland. Hopefully the shake up on their town council will give them pause to rethink what they have been doing.
Well due to the failure to keep their seaside resort clean and operating well, people migrated south to Ocean City Md from Pennsylvania and New Jersey. Of course, your local mayor blabbed all up and down the east coast to "bring one, bring all" to Ocean City! So now we got all the trash from both states. You see what's happening in OCMD. We are becoming more and more like Atlantic City. 8 out of 10 license plates hail from God help us, PA and NJ. Years ago, it was 2 out of 10...maybe. Hope your happy Mr Mayor.
Could add Crisfield to that list??
T0 3:37:
Ridiculous.
5pm...not to ridiculous since some of 337 statement is true (bring one bring all).
Post a Comment