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State sells $68.3M in bonds to pay for Atlantic City casino tax settlements

The state has sold $68.3 million in bonds to pay for property tax settlements with seven Atlantic City casinos. The quick sale at a 4.1 interest rate shows “that investors view the state’s involvement in Atlantic City as having a stabilizing influence on the city’s finances,” the the Christie administration said in a release. “Atlantic City is now getting excellent access to the bond market, which is amazing for a city that was contemplating bankruptcy
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Changing ACFD work schedule outside scope of takeover bill, co-sponsors say in court filings

Two Democratic sponsors of the bill that created the state’s takeover of Atlantic City allege Jeffrey Chiesa has overstepped his powers and is endangering public safety. The Municipal Stabilization and Recovery Act “was designed to save money by careful planning, not by cutting public services to unsafe levels and endangering the safety of public employees, which I believe the designee (Chiesa) is now doing,” state Sen. Jim Whelan and Assemblyman Vince Mazzeo wrote in Superior
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State calling for major cuts to Atlantic City’s public safety as negotiations begin

The state put major cuts to public safety on the table in its initial negotiations with the police and fire unions, Mayor Don Guardian has confirmed. Police and fire union representatives met separately with state representatives in Trenton this week, and were taken back  by the initial requests. Suggestions include nearly halving the Fire Department and taking police levels below pre-casino numbers. The proposed cuts would make nearly impossible to maintain six firehouses, and would
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