28 Mart 2017 Salı Breaking News             Latest US News            New York

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ATLANTIC CITY — Atlantic City residents will learn more Monday about the struggling seaside resort's financial future. Officials have scheduled a "major announcement" about the Atlantic City Municipal Utilities Authority for 11 a.m., according to...

Atlantic City plans 'major announcement' Monday on finances

ATLANTIC CITY — Atlantic City residents will learn more Monday about the struggling seaside resort's financial future. Officials have scheduled a "major announcement" about the Atlantic City Municipal Utilities Authority for 11 a.m., according to...

Atlantic City plans 'major announcement' Monday on finances

ATLANTIC CITY — Atlantic City residents will learn more Monday about the struggling seaside resort's financial future.

Officials have scheduled a "major announcement" about the Atlantic City Municipal Utilities Authority for 11 a.m., according to a news release.

During the summer, the state gave Atlantic City a $73 million loan.

One of the terms was for the Atlantic City Council to adopt an ordinance by Sept. 15 to authorize the dissolution of the Municipal Utilities Authority if the city can't pay back the loan. The council failed multiple times to so. 

In the wake of another failed vote earlier this month, Mayor Don Guardian asked the state for a "reprieve" from penalty as city leaders continue to work on their five-year financial plan. 

Atlantic City missed a Sept. 15 deadline to adopt an ordinance to dissolve the MUA and now has until Oct. 3 to take action.

Selling or leasing the MUA are among the options city officials are considering, the Press of Atlantic City said.

Atlantic City has until Nov. 3 to submit its five-year plan to the state explaining how it will get back on its feet financially.

Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.

 

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