Chris Christie Proposes State Takeover of Atlantic City’s Finances.

[elleng]

'Gov. Chris Christie of New Jersey on Tuesday proposed that the state take control of Atlantic City’s troubled finances, a last-ditch effort to save the struggling seaside resort from running out of cash and declaring bankruptcy.

The threat that a major New Jersey city would file for bankruptcy would have proved deeply embarrassing for Mr. Christie, who detoured from his travels around New Hampshire, where he is campaigning for the Republican presidential nomination, to return to Trenton to announce the proposal.

Mr. Christie said he would introduce expansive legislation “so the state can do what the city has been unable to do.”

“The urgency of the city’s current financial predicament cannot be understated,” he added.

Mr. Christie said that both state and local leaders had been consulted about the plan, the details of which were unclear, and that there was wide agreement that this was the best course of action for both the city and the state.

He said that while the legislation was being developed, the state would be given the authority to act on the city’s behalf for five years. He also said it would have the right to negotiate, amend and terminate all labor agreements for the city.'>>>

http://www.nytimes.com/2016/01/27/nyregion/chris-christie-proposes-state-takeover-of-atlantic-citys-finances.html?