"As long as the powers are for exigent circumstances and are reasonable and necessary to serve an important public purpose its constitutional."

I'm not very familiar with the case you're citing as support; in that case did New Jersey loan the State an amount of money that, if the State paid the loan back, would've made New Jersey whole?

I'm getting the feeling that this loan is going to be a BIG issue because [IMHO] cannot come in, take over with an EFM because the City is running a deficit to almost the tune of what the State owes the City.

In addition I posit that there may be a compelling argument that, when citing past poor practices/effectiveness of EM/EFMs in this State, the SCOTUS could rule against the State.