New Jersey

New Jersey has rejected Atlantic City's proposed financial recovery plan, setting the stage for a possible state takeover and raising more doubts about the junk-rated city's ability to service its bond debt.

An Atlantic City default may be imminent if New Jersey rejects the city's five-year rescue plan next week, according to Moody's Investors Service.

The New Jersey Transit Board of Directors approved a new $3.8 billion fiscal plan Wednesday that includes new purchases for equipment and safety infrastructure.

Atlantic City Mayor Donald Guardian said he is optimistic that the city's turnaround efforts will be accepted and a state takeover averted.

Growing disconnects between state and local governments across the U.S. are especially impacting municipalities in the neighboring Northeast states of New Jersey and Pennsylvania, panelists emphasized at the The Bond Buyer’s Mid-Atlantic Municipal Market conference Tuesday.

Atlantic City officials unveiled a five year financial rescue plan Monday night that they hope will be enough to prevent a state takeover.

Princeton University’s settlement to end litigation claiming it should pay property taxes on certain Princeton, N.J. properties is a credit positive for both the school and the local government, according to Moody’s Investors Service.

A master plan approved by Rutgers University last year to expand and upgrade the infrastructure of New Jersey’s flagship public higher education institution by 2030 is already taking shape.

The Transportation Department fast-tracked the Hudson Tunnel replacement portion of the $24 billion Gateway Program.

New Jersey’s 23-cent gas tax hike, and its offsetting tax cuts in other areas, will help the state’s current 2017 operating budget at the expense of raising budgetary pressure for 2018 and beyond, according to S&P Global Ratings.