N.J. Governor Christie signs Atlantic City rescue package into law(Reuters) - New Jersey Governor Chris Christie on Friday signed into law a package of legislation that provides distressed gambling hub Atlantic City with immediate cash help but also a potential state takeover if the city cannot fix its finances. The bills will help reform the city’s “overblown municipal government” while protecting state and local taxpayers, Christie said in a statement while continuing to take shots at local officials. “We all agree that Atlantic City’s government has not demonstrated the competence to properly manage the people’s money without state guidance and oversight,” he said.  The legislation “embraces my demand that Atlantic City immediately account for every dollar it receives and spends, and triggers a series of strict conditions and rigorous requirements the city must meet immediately,” Christie said. Atlantic City Mayor Don Guardian did not immediately respond to a request for comment. Earlier on Friday, Guardian marked the opening of summer beach season for the seaside resort city. The bills provide a $60 million, six-month bridge loan from the state to the city and establish $120 million of payments annually from casinos in lieu of property taxes, a move aimed at stabilizing the city’s volatile, eroded tax base. In return, the city must prepare a balanced budget for fiscal 2017, which begins Jan. 1, and a five-year recovery plan. If it falls short, the state can move to take over operations and throw out collective bargaining agreements, among other powers. The package could prove positive for the city’s credit rating, which is deep in junk territory at Caa3, because it provides much-needed financial relief and removes the immediate threat of default or bankruptcy, Moody’s Investors Service said after the governor announced his signature. But a bond restructuring, which Guardian has said the city will likely pursue, would be considered a default if it includes bondholder impairment, Moody’s said. The city has about $240 million of bond debt outstanding. politicsNews
governor christie signs atlantic city rescue package law reuters new jersey governor chris christie friday signed law package legislation provides distressed gambling hub atlantic city immediate cash help also potential state takeover city fix finances the bills help reform city overflow municipal government protecting state local taxpayers christie said statement continuing take shots local officials we agree atlantic city government demonstrated competence properly manage people money without state guidance oversight said the legislation embraces demand atlantic city immediately account every dollar receives spends triggers series strict conditions rigorous requirements city must meet immediately christie said atlantic city mayor don guardian immediately respond request comment earlier friday guardian marked opening summer beach season seaside resort city the bills provide million bridge loan state city establish million payments annually casinos lieu property taxes move aimed stabilizing city volatile eroded tax base in return city must prepare balanced budget fiscal begins recovery plan if falls short state move take operations throw collective bargaining agreements among powers the package could prove positive city credit rating deep junk territory provides financial relief removes immediate threat default bankruptcy moody investors service said governor announced signature but bond restructuring guardian said city likely pursue would considered default includes bondholder impairment moody said the city million bond debt outstanding politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: N.J. Governor Christie signs Atlantic City rescue package into law(Reuters) - New Jersey Governor Chris Christie on Friday signed into law a package of legislation that provides distressed gambling hub Atlantic City with immediate cash help but also a potential state takeover if the city cannot fix its finances. The bills will help reform the city’s “overblown municipal government” while protecting state and local taxpayers, Christie said in a statement while continuing to take shots at local officials. “We all agree that Atlantic City’s government has not demonstrated the competence to properly manage the people’s money without state guidance and oversight,” he said.  The legislation “embraces my demand that Atlantic City immediately account for every dollar it receives and spends, and triggers a series of strict conditions and rigorous requirements the city must meet immediately,” Christie said. Atlantic City Mayor Don Guardian did not immediately respond to a request for comment. Earlier on Friday, Guardian marked the opening of summer beach season for the seaside resort city. The bills provide a $60 million, six-month bridge loan from the state to the city and establish $120 million of payments annually from casinos in lieu of property taxes, a move aimed at stabilizing the city’s volatile, eroded tax base. In return, the city must prepare a balanced budget for fiscal 2017, which begins Jan. 1, and a five-year recovery plan. If it falls short, the state can move to take over operations and throw out collective bargaining agreements, among other powers. The package could prove positive for the city’s credit rating, which is deep in junk territory at Caa3, because it provides much-needed financial relief and removes the immediate threat of default or bankruptcy, Moody’s Investors Service said after the governor announced his signature. But a bond restructuring, which Guardian has said the city will likely pursue, would be considered a default if it includes bondholder impairment, Moody’s said. The city has about $240 million of bond debt outstanding. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: governor christie signs atlantic city rescue package law reuters new jersey governor chris christie friday signed law package legislation provides distressed gambling hub atlantic city immediate cash help also potential state takeover city fix finances the bills help reform city overflow municipal government protecting state local taxpayers christie said statement continuing take shots local officials we agree atlantic city government demonstrated competence properly manage people money without state guidance oversight said the legislation embraces demand atlantic city immediately account every dollar receives spends triggers series strict conditions rigorous requirements city must meet immediately christie said atlantic city mayor don guardian immediately respond request comment earlier friday guardian marked opening summer beach season seaside resort city the bills provide million bridge loan state city establish million payments annually casinos lieu property taxes move aimed stabilizing city volatile eroded tax base in return city must prepare balanced budget fiscal begins recovery plan if falls short state move take operations throw collective bargaining agreements among powers the package could prove positive city credit rating deep junk territory provides financial relief removes immediate threat default bankruptcy moody investors service said governor announced signature but bond restructuring guardian said city likely pursue would considered default includes bondholder impairment moody said the city million bond debt outstanding politicsnews