City Council was ready to put Atlantic City taxpayers deeper into debt this week. The state wants AC to raise $55 million via bonds. This will help pay back $38mil to the state…..plus interest.
‘Loan Shark’ rates says Councilman Kurtz.
WATCH VIDEO > Atlantic City Council Jan 17, 2018
Is Atlantic City Council FINALLY defending itself financially? Not rolling over so easily for the state? Or do most on Council just wanna go along, to get along? Some subtle, legal bullying scare tactics were noted.
Is Council legally obligated to pay DEBT SERVICE a certain, specific way? Different from the past?
Gilliam publicly asked for more financial transparency. His request was granted.
Big Frank Gilliam says he will hold a public hearing on these issues, even though he sides with the state. “We need to pay this”.
The state over-seer, Mr. Cunningham, made a personal commitment to Mayor Frank Gilliam. Just like Guardian, he invited & encouraged the Mayor to come participate. Gilliam is now empowered to have all the info at his fingertips. Gilliam can see how decisions are made. Cunningham wants him to understand the budgeting of Atlantic City, as well as the complexity of IATs.
Gilliam: complexy confused. We really don’t know. What’s factual?
Secrecy. Use IAT monies to incur more debt? IAT may not pay down existing bond service. It would be used to generate new debt
The PILOT is now revealing the ugly warts of this deal. Kurtz doesn’t want to commit so fast. Casinos are insulated from risk of tax increase, thanks to PILOT.