Disir
Platinum Member
- Sep 30, 2011
- 28,003
- 9,610
ATLANTIC CITY — The elected officials of this struggling seaside gambling resort will yield control of the city’s finances to the state government in a deal announced on Tuesday by Gov. Chris Christie that is intended to stave off bankruptcy.
Mayor Don Guardian had threatened to seek protection from the city’s creditors in bankruptcy court, a prospect that could have embarrassed Mr. Christie, who is campaigning for the Republican presidential nomination as a prudent financial steward. The governor detoured from stumping in New Hampshire to stand with Mr. Guardian, a fellow Republican, in Trenton and reveal their plans.
The agreement falls short of an outright takeover by the state of the city’s government, but it would leave state officials to make all of the important decisions about how to reduce its crushing debt of $240 million and slash the size and cost of its civil services. A report this month from an emergency manager Mr. Christie appointed concluded that the city could run out of money by the spring.
.....Mr. Sweeney and Mr. Christie balked at offering details of how the state would bring the city’s spending in line with its shrunken revenue. But the senator said, “We have to do some things that are very, very dramatic.”
http://www.nytimes.com/2016/01/27/n...tate-takeover-of-atlantic-citys-finances.html
Casinos are a dime a dozen.
On another note, details ...........are so overrated.
Mayor Don Guardian had threatened to seek protection from the city’s creditors in bankruptcy court, a prospect that could have embarrassed Mr. Christie, who is campaigning for the Republican presidential nomination as a prudent financial steward. The governor detoured from stumping in New Hampshire to stand with Mr. Guardian, a fellow Republican, in Trenton and reveal their plans.
The agreement falls short of an outright takeover by the state of the city’s government, but it would leave state officials to make all of the important decisions about how to reduce its crushing debt of $240 million and slash the size and cost of its civil services. A report this month from an emergency manager Mr. Christie appointed concluded that the city could run out of money by the spring.
.....Mr. Sweeney and Mr. Christie balked at offering details of how the state would bring the city’s spending in line with its shrunken revenue. But the senator said, “We have to do some things that are very, very dramatic.”
http://www.nytimes.com/2016/01/27/n...tate-takeover-of-atlantic-citys-finances.html
Casinos are a dime a dozen.
On another note, details ...........are so overrated.
