ATLANTIC CITY GETS EXTENSION ON BRIDGE LOAN

Another deadline missed, another extension granted. Officials from the state notified Atlantic City Council that they had breached their bridge loan agreement by missing the deadline for dissolving the city’s MUA but did not demand immediate repayment of the loan. The Press of Atlantic City reports that the Division of Local Government Services has decided not to accelerate terms of the loan repayment, but would reserve the right to demand repayment of the loan at any time. City officials have until Nov. 3rd to submit a five-year fiscal recovery plan.