New Jersey’s fiscally distressed gambling hub
Atlantic City has made its scheduled $3.475 million debt service
payments, Mayor Don Guardian said on Tuesday, avoiding what
could have been the first default in the state since the Great
Depression.
The payments were made on their Monday due date, Guardian
said in a statement, even though the city has not yet received
money from a $73 million bridge loan agreement with the state.
Moody’s Investors Service warned last week that the city
would likely default unless it received the loan. The loan,
which had not yet been finalized, is part of a bailout package
that will also allow the state move to take over operations if
the city fails to craft an acceptable …
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