(Adds mayor comment, details of loan)
By Hilary Russ
Aug 2 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 at the time of Moody’s warning had not yet been finalized,
is part of a bailout package that will als…
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