N.J. takes over debt-ridden Atlantic City government
TRENTON, N.J. — Republican Gov. Chris Christie’s administration has seized power in Atlantic City, taking control of the assets and major decisionmaking in the struggling seaside gambling resort that is half a billion dollars in debt.
The New Jersey Local Finance Board voted Wednesday to take over the city’s 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 city’s muchcoveted water utility.
It also can reverse decisions of the City Council, break union contracts, and hire or fire workers.
But it declined to give itself the power to file for bankruptcy on behalf of the city.