Atlantic City’s convention center authority now has the power to issue bonds, thanks to legislation that New Jersey Gov. Jon Corzine signed into law last week.

The initiative allows the transferring of ownership of Atlantic City’s convention center and its historic boardwalk to the newly renamed Atlantic City Convention and Visitors Authority from the New Jersey Sports and Exposition Authority and directs the NJSEA to seek approval from bondholders to complete the transaction. The NJSEA has $348 million of outstanding state-appropriation bonds for completed renovation and expansion projects at the convention center and the boardwalk.

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