Atlantic City, once a popular East Coast resort and gambling mecca, is rapidly running out of cash and could default on its debt as soon as April if the New Jersey legislature fails to agree on a rescue plan, Moody’s said Wednesday.

The city is facing a $102 million budget deficit for its 2016 fiscal year ending June 30, as it owes $190 million to casinos that successfully challenged their property taxes, said the agency. Moody’s has assigned Atlantic City a Caa1 rating, placing it deep into speculative, or “junk,” territory.

The state legislature is considering two bills to save the city, and Moody’s has devised three scenarios that would help or hinder the effort. One bill is aimed at stabilizing casino property taxes, the other at helping the municipality recover.

The first and most credit-positive scenario is that both bills are passed, giving the state the ability to implement proposals made by an emergency manager in a January report. Moody’s expects that those proposals, which include cost cuts, restructured casino debt and revenue measures, would shrink the deficit by 73% to $27.8 million in 2016 and have it be all but wiped out by 2020.

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“The state would also generate savings by eliminating city departments and terminating union contracts, which would allow it to turn over police and fire operations to the county,” said Moody’s senior analyst Josellyn Yousef. “Reorganizing the police and fire departments has been politically contentious between the city and state.”

If the state approves just the Casino Property Tax Stabilization Act, the city will continue to struggle, as that will not be enough to help it avoid crippling deficits in the next few years. If neither bill passes, the city will go broke, and will default, be forced into a distressed debt exchange or a bankruptcy filing, said Yousef.

“The state could take stopgap measures to help Atlantic City, such as a providing a loan or allowing the deferment of pension contributions, but this would not solve the underlying causes of the crisis,” she wrote.