The bond payments alone would have raised taxes by almost 25 percent if other adjustments had not been made, he said.

Customers would continue to pay for the plant's debt: $40 million a year in bond payments, company officials say.

Officials say the park has failed for years to produce enough income to meet bond payments.

But the gain comes at the expense of higher bond payments later.

The bond payment was supposed to be made Friday, but there is an automatic 10-day grace period.

The municipalities that cannot make their bond payments are going to need help.

That would allow the team to save an estimated $11.2 million a year in annual bond payments.

Some estimate that could raise up to $140 million a year to cover the new bond payments.

The casino failed to make a $41.1 million bond payment due last month.

The offer allows it to make a bond payment of about $38 million due on June 15.