Financially strapped city would have become the first in unique Jersey to default on its debt in 78 years but narrowly avoided fate with $1.8m bond payment Financially strapped Atlantic City scraped together enough money to make a $1.8m bond payment Monday morning,narrowly avoiding fitting the first unique Jersey municipality to default on its debt in 78 years. Mayor Don Guardian likened the city’s desperate state to rummaging around the sofa cushions in search of stray cash, and said the payment was made at 10am. That was an hour before a news conference at which the mayor came out swinging against a proposed state takeover of Atlantic City’s finances. Continue reading...
Source: theguardian.com