It has been reported that the administration of Governor Chris Christie will guarantee that the financially-strapped New Jersey Sports and Exposition Authority, the operator of the Meadowlands Racetrack, will be kept temporarily
afloat via a special budget resolution.
Nj.com has reported that the authority must first go through the money it already has on hand -- including an $18 million reserve fund -- before any state money is appropriated.
"It’s an insurance policy; a bridge to prevent insolvency," Michael Drewniak, a spokesman for Gov. Christie, was quoted as saying in the article. "The money will be there under the discretion of the treasurer, but it is not an appropriation outright, which would mean it’s spent and gone. We’re putting them on a short leash."
(With files from nj.com)