New Jersey has sold more than $68 million in bonds to fill its legal war chest and fund its tax-appeal settlements with the former and current Atlantic City casinos.
The Press of Atlantic City reported that New Jersey issued bonds at 4.1 percent interest rates on Wednesday amid dwindling legal funds.
The state said the bonds, which was sold in an attractive rate, will fuel their legal settlement agreements with Bally’s Atlantic City, Caesars Atlantic City, Golden Nugget Atlantic City, Harrah’s Resort, Tropicana Atlantic City, the former Trump Taj Mahal Casino Resort and the former Trump Plaza Hotel and Casino.
New Jersey designated former U.S. Sen. Jeffrey S. Chiesa to lead the financial recovery effort for Atlantic City.