Judge Gives Atlantic City 45-Day Borgata Payment Extension
A judge granted Atlantic City a 45-day reprieve from the Borgata casino seizing city assets to collect $170 million in tax appeals it owes in hopes the two sides can come to a debt payment agreement.
Image: Bloomberg News
The Borgata is withholding current tax payments until Atlantic City provides a $62.5 million tax refund it owed on Dec. 19.
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New York Mayor Bill de Blasio is pitching a 17-mile surface streetcar to run north-south through parts of Brooklyn and Queens and parallel to the East River.  more »
Melba Acosta Febo, president of Puerto Rico’s Government Development Bank, said commonwealth officials have continued meeting with creditors to discuss the proposed debt exchange.
Representatives for Puerto Rico on Friday said the cash-strapped commonwealth plans to pursue its recently proposed debt exchange with creditors holding tax-supported debt even if the territory eventually gets access to bankruptcy or some other type of restructuring process.  more »
New Hampshire Gov. Maggie Hassan plansTIFIA financing supported by general obligation and revenue pledges.
New Hampshire Gov. Maggie Hassan is pitching a 10-year $3.7 billion transportation plan that thanks to federal assistance allows the state to tackle more infrastructure needs.  more »
Kevyn Orr, the lawyer who guided Detroit through its Chapter 9 bankruptcy process, was retained to provide advice to WMATA’s board of directors.
The Washington Metropolitan Area Transit Authority’s chief financial officer on Thursday contradicted press reports that the authority may have to have discussions with its bondholders to ease its debt.  more »
Massachusetts Gov. Charlie Baker’s proposed $39.6 billion executive indicates “mildly positive” credit trends, said Standard & Poor’s.  more »
The Supreme Court has set March 22 as the date it will hear oral arguments on an appeal of a lower court ruling that a local Puerto Rico restructuring law is not allowed under federal bankruptcy law.  more »
The first Philadelphia Area Municipal Analyst Society meeting of 2016 will provide an outlook for what to expect in the municipal bond market this year.  more »
MAHANOY CITY -- The Mahanoy City Sewer Authority amended a resolution adopted six months ago that consolidated more than $15 million in debt into one bond issue during its special meeting on Tuesday.  more »
The North Tonawanda Common Council voted unanimously this week to approve the issuance of $2.652 million in serial bonds which will allow the city to complete some high-priority capital improvement projects.  more »
SWANZEY CENTER -- What you see is what you get with the town meeting ballot this year.  more »
Pennsylvania is $6 billion short of funding for projects in the state's 12-year transportation plan, PennDOT director Leslie Richards told lawmakers.
Pennsylvania road revenues will over the next 12 years will be $6 billion shy of the $34 billion needed for its long-range plan.  more »
“This is clearly only the first salvo in what will surely be a protracted legal battle,” said NewOak managing director Triet Nguyen.
Puerto Rico’s debt restructuring proposal got a cold reception from analysts, with some saying it failed to even provide a starting point for negotiations.  more »
“It’s clear that we have not gone far enough” on spending cuts, Connecticut Gov. Dannel Malloy said in his State of the State speech Wednesday.
Citing declining revenues and a shaky economy, Connecticut Gov. Dannel Malloy ordered across-the-board agency budget reductions of nearly 6%.  more »

Career Zone


New York City Comptroller Scott Stringer discusses improving the city's pension system with Bond Buyer senior Northeast reporter Paul Burton. Stringer also examines the effect of the proposed state budget on the city and reminisces about his cousin, the late Congresswoman Bella Abzug.

While the SEC's MCDC Initiative has provided some clarity with regard to materiality and confirmed that the reasonable diligence standard of Rule 15c2-12 applies to both negotiated and competitive deals, no clarity has been offered with regard to the extent of the reasonable diligence obligations of those participating in competitive deals, as co-managers, syndicate members or selling dealers. ...

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