ATLANTIC CITY BUDGET APPROVED, MUA STILL OPERATIONAL

At this week’s meeting, Atlantic City Council approved their 2016 budget for $243 million, but failed to dissolve the MUA as requested by the state. The terms of a $73 million bridge loan requires the city to dissolve the MUA by September 15th, as it’s assets would be used as collateral against the loan. Failure to met the state’s deadline could cause Atlantic City to default on the loan agreement.