TRENTON, N.J. (AP) New Jersey Gov. Chris Christies administration has seized power in Atlantic City, taking control of the assets and major decision making power of the struggling seaside gambling resort with half a billion dollars in debt.
The state Local Finance Board voted Wednesday to take over the citys main governmental functions after the state government rejected a proposed five-year financial turnaround plan.
The state can now sell assets including the former Bader Field airport property and the citys much-coveted water utility.
It also can reverse decisions of the City Council, break union contracts, and hire or fire workers.
The citys decline is due in la…
Read the full article at: http://www.salon.com/2016/11/09/new-jersey-takes-over-debt-ridden-atlantic-city-government/