Committee to consider Atlantic City financial rescue bills
Committee to consider Atlantic City financial rescue bills [flickr, Shinya Suzuki]
Atlantic City's finances are on the line in the New Jersey Legislature.
The state Senate Budget Committee on Thursday is set two consider two bills which sponsors say can save the city from financial ruin caused by the continued contraction of the casino industry.
One measure would strip Atlantic City of most of its decision-making power and give the state the right to break contracts and sell off city assets to help get Atlantic City's troubled finances under control. The other would allow casinos to make payments in lieu of taxes.
The bills are backed by Senate President Steve Sweeney and Gov. Chris Christie. Assembly Speaker Vincent Prieto said they need to be changed to ensure the state can't unilaterally cancel public employee contracts.