LIU STATEMENT ON $153 MILLION SAVINGS FROM SUCCESSFUL NYC BOND REFINANCING

Here is a vote of confidence for NYC. Fortunately, the world sees our city as a safe haven for its capital and our Comptroller is capable enough to take advantage of the low interest rates presently available. Kudos to Liu!

I would have thought NYC had a AAA credit rating, but as stated below were short the third "A" from all three credit ratings services mentioned.

Gregory

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NEW YORK, NY – City Comptroller John C. Liu made the following statement about the General Obligation bonds that were refinanced this week.

“Challenging times require smart government. By issuing $1.03 billion of General Obligation refunding bonds at low market rates, the City has saved $153 million over the life of the bonds,” Comptroller Liu said. “Broad-based and strong demand produced larger than anticipated savings. Investors continue to realize the value that New York City bonds have to offer.

“Refinancings help drive down the City’s borrowing costs for building schools and repaving roads among other capital projects, thereby saving taxpayers money. In the last two years, the Comptroller’s office working with the City’s Office of Management and Budget executed refinancings that have produced over $700 million in total savings.”

BACKGROUND:

New York City announced today the successful sale of $1.03 billion of tax-exempt refunding General Obligation (G.O.) bonds, an increase of over $200 million from the previously announced $800 million of bonds expected to be sold.

Yields on the bonds ranged from 0.10% in 2012 to 3.25% in 2032.

The refunding produced approximately $139 million of budget savings for the City in fiscal year 2013, and $153 million over the life of the bonds.

The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor’s and AA from Fitch Ratings.

LIU STATEMENT ON EDC’S $100 MILLION SUBSIDY TO FRESH DIRECT

I often enjoy and praise our Comptrollers positions. I also firmly believe he has been maligned in the press due to his pit bull stance in reviewing vendor contracts, protecting our tax dollars, protecting worker rights and much more.

I do however strongly disagree with him on his stance related to his opposition to Fresh Direct. Besides New Jersey courting the various markets in the Bronx, Fresh Direct is a perfect match for the Hunts Point Area. ALL the businesses I spoke to in Hunts Point are excited about the introduction of Fresh Direct. Due to the business mix in Hunts Point, the synergy will be fantastic for the entire Hunts Point community. Besides the electronic trucks to be purchased by Fresh Direct from Hunts Point Based Smith Electric, besides the increase in business for all our world class markets in the Hunts Point, Fresh Direct will secure jobs for Bronx residents as well as creating new ones. It is not just the jobs created, but the tens of thousands of jobs to be saved by making sure all the markets stay in the Bronx. With all the billions given to other boroughs it’s about time the Bronx is getting something besides funding to build homeless shelters.

Gregory

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NEW YORK, NY – City Comptroller John C. Liu statement in response to questions on the Industrial Development Agency’s vote to approve a major subsidy for Fresh Direct:

“Today’s $100 million subsidy to Fresh Direct was already a done deal from the moment it was announced last week and the reality is that my vote today does not change the outcome. Nonetheless, I cannot vote for this subsidy in good conscience. There may be more ways to ensure a better return on this investment.

“For the cost of this benefits package the city could give 4,385 students full, four-year scholarships to CUNY or hire 1,458 new teachers or pay for 350,000 GED test-prep programs or launch a micro-lending program for minority and women entrepreneurs.

“The EDC has not clearly justified why this much money should be used to subsidize this company. This subsidy seems to give away too much in exchange for the jobs and economic development it promises, despite the rosy numbers provided by the EDC.

“A few months ago, the EDC attracted a world-class university by promising $100 million in capital for a project that by their own estimate will generate 30,000 jobs. Now the EDC is giving close to $100 million to create 962 jobs. The cost to the City is $93,000 for each new job.

“Fresh Direct does appear to have support from elected officials, labor leaders, and the workers and we understand and concur with the sentiment that to keep jobs in New York City and create jobs in the Bronx are high-priority objectives.

“This agreement comes on the heels of the city’s decision to have taxpayers fund the estimated $180 million Ferry Point golf course. That the Fresh Direct deal was announced before the public even had a chance to comment is symptomatic of this badly flawed process.”

LAST DAY FOR HOUSES OF WORSHIP IN SCHOOLS, UPDATES

Even though thousands of ordinary citizens protested in support of schools renting to houses of worship, it looks as if their eviction is imminent due to the wishes of Bloomberg and DOE Chancellor Walcott. Despotism is alive and well in NYC. Does anyone needs any additional proof that Chancellor Walcott’s hand on prayer session on Palm Sunday, after his appointed as Chancellor, was nothing more than a public relation stunt to fool the natives?

Have any incidents been reported were houses of worships abused their option to rent space in public schools? Do any of these houses of worship conduct social services that the fat cats at the DOE want to take over and profit from? Should we expect to see Walcott or maybe even Eve Moskowitz on the ballot for Mayor to continue the privatization of the NYC school system for the profit of large corporations after Bloomberg is gone?

I personally consider this decision against the voices of the community and elected officials representing the communities most affected by this decision, an insult to our democratic system.

At the very least we are throwing our at risk youth into the hands of gangs. Once the gangs are done praying on them, will hand them over to our shelter or prison system for a new round of fat contracts to make sure society is further weighed down with more taxes and more debt. Let our youth hear the Ten Commandments. Let them have positive role models. We should be helping them make the right decision when confronted with the opportunity to make the wrong one.

I hope the public remembers next election day!

Gregory

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Mayor Bloomberg Education Policy will Evict Houses of Worship this Sunday, February 12, 2012

WHO: Council Member Fernando Cabrera

WHAT: Update on the eviction of houses of worship wishing to rent empty spaces in public schools

WHEN: February 10, 2012

WHERE: New York, NY

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NEW YORK, NY — Following a June decision by the 2^nd Circuit Federal Court of Appeals to grant the New York City Department of Education (DOE) discretion in excluding houses of worship from renting empty spaces in New York City school buildings, Mayor Michael Bloomberg and Chancellor Dennis Walcott have decided to enforce a policy that will evict houses of worship tomorrow.

After the announcement of the eviction, Council Member Cabrera and religious leaders from across the City began to mobilize. Numerous protests and demonstrations have taken place, including some where City Council Member Cabrera along with pastors and congregants have been arrested. Proponents of the City’s policy, including the New York Civil Liberties Union, have argued that renting to houses of worship violates the Establishment Clause of the United States Constitution, and that the 2^nd Circuit’s ruling mandates the New York City eviction. Religious leaders and congregants battling the policy argue that enforcement of this policy is discriminatory and that only a misreading of the Establishment Clause of the United States Constitution would lead one to believe that renting spaces in public schools is in violation of the Establishment Clause.

“The writers of our Constitution wrote the Establishment Clause into the First Amendment for a reason,” said Council Member Cabrera. “I respect that. We all respect that. But allowing houses of worship to meet and conduct activities central to their purpose, is not establishing religion.” He continued, “Accommodation is not establishment, and the 2^nd Circuit’s ruling last June also didn’t say this eviction was necessary. The 2^nd Circuit simply said the DOE could use its discretion in renting to religious groups.” He continued, “If the City allowed a Catholic Pope to host prayer in Central Park, would the City be accused of establishing religion? Of course not.”

Moreover, this policy primarily hurts low-income, minority communities. “It is claimed these small houses of worship are recruiting and evangelizing impressionable children. Yet, the schools are rented only when they are empty. The houses of worship use the spaces when classes are not in session. But even so, what more recruitment and evangelization than what gangs do in the neighborhoods these small houses of worship serve? ” Council Member Cabrera said referring to those houses of worship that meet in high-crime areas. “These small houses of worship have changed crime trends in entire communities.”

Resolution 1155, which urges the State Legislature and Governor Cuomo to sign legislation that would disallow New York City’s ban on worship, has been introduced by Council Member Cabrera and heard in the City Council. However, despite having overwhelming support the resolution has not moved. Resolution 1155 refers to New York State Assembly bill A8800-A introduced by Assemblyman Nelson Castro (D-Bronx) and New York State Senate bill S6087-A introduced by Senator Martin Golden (R-Brooklyn). New York State Senate bill S6087-A passed on Monday (Feb. 6) with a bi-partisan vote of 55-7.

The fight to allow these 60 or so fledgling houses of worship to continue to rent from schools is reaching a critical stage.Reverend Pastor William Devlin, senior minister at Iglesia Biblica de Manhattan/Manhattan Bible Church, is on the 25^th day of a water-only fast. He began the fast at midnight January 17, 2012 and states that he will continue his hunger strike until Mayor Bloomberg and Chancellor Walcott reverse their decision on evicting houses of worship from education buildings this Sunday. The eviction of churches in New York City has made international news and has been called "religious intolerance" and discrimination, because it strikes down equal access to those who help the poor communities the most.

Devlin stated, "The purpose of this water-only 40 day fast is to bring attention to the hard-heartedness of our Mayor and Chancellor. My fast is to ask God to soften the hearts of Mayor Bloomberg and Chancellor Walcott. The churches that these men are making homeless are the salt and light of the poor communities they serve.”

Many have publically supported the cause, including,

Elected Officials:

· Bronx Borough President Ruben Diaz Jr.

· New York City Comptroller John C. Liu

· 35 City Council Members who are signed-on to Resolution 1155

· 70 Co-Sponsors in the New York State Assembly who are signed-on to A8800-A

· 55 New York State Senators who voted in favor of S6087-A

Unions:

· Teamsters Joint Council No. 16 (Union)

Media Outlets:

· MSNBC’s Martin Bashir

· WMCA 570AM in New York City

Religious groups:

· International Center for Conservative Judaism

· New York Council of Churches

· Christ Tabernacle of Queens

· The Korean Council of Churches

“We are reaching a critical point,” said Council Member Cabrera “but the battle will go on far beyond February 12 if it needs to, court action included.”

LIU EXPANDS PENSION FUNDS’ COMMITMENT TO MINORITY AND WOMEN INVESTMENT MANAGERS BY $500 MILLION

Here is news on NYC Comptroller Liu making sure women and minority investment firms have access to NYC's investment funds. There has been talk and action on how to "open up" how NYC invests. Many feel that access to the investment funds are presently limited to a small "buddy boy" network of larger investment companies. Why not spread access to other qualified investment houses?

Gregory

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NEW YORK, NY – Comptroller John C. Liu today announced the New York City Pension Funds will seek to expand their commitment to minority and women investment managers by $500 million, which will solidify the City’s position as one of the top pension systems in the nation doing business with minority and women-owned enterprises (MWBEs).

“This $500 million commitment is another step in ensuring that minority and women-owned firms have more opportunities to compete for City business,” Comptroller Liu said. “It also ensures that the City has access to the best and brightest in the financial industry. When we increase opportunities, we increase competition and that ultimately benefits taxpayers.”

With today’s announcement, the pension funds will seek to grow their commitment to MWBE investment managers by $500 million – on top of the $6 billion already under management by MWBE firms. The funds oversee a combined $115 billion.

“This represents a significant step towards the City fulfilling what should be a long term commitment of doing business with minority and woman-owned enterprises, who have continuously proven to add value to the NYC Pension Systems.” - ORIM GRAVES, Executive Director of the National Association of Securities Professionals, the leading organization whose mission is to promote professional excellence and economic empowerment for people of color and women on Wall Street.

“Our system of government demands that everyone pay their share of taxes. Therefore, it’s only fair that everyone receives equal access and opportunity to participate in all aspect of government, including our investments. Expanding opportunities for MWBEs to our pension investment funds is an important step towards reducing the participation gap. It will allow us to ‘level’ the playing field for minority investment firms to better compete for more business and will help stimulate job creation for our community.” - LILLIAN ROBERTS, Executive Director of District Council 37

“The success of the investment strategies of our retirement funds is a key issue for both retirees and current members. We commend this effort to broaden the expertise of our group of investment managers and to provide new opportunities for firms owned by women and minority groups.” - MICHAEL MULGREW, President of the United Federation of Teachers

The Comptroller announced the increased MWBE commitment today at a symposium that for the first time brought together the pension systems’ asset managers with brokers from the funds’ Minority Broker Pool. The day-long event was designed to facilitate greater inclusion, utilization, and fair competition.

The Minority Broker Pool is a program that enhances the use of minority and women-owned brokerage firms by money managers under contract with the pension funds. This past October, the Comptroller’s office expanded the pool to 37 firms from 25 previously.

LIU ON 9/11 ANNIVERSARY

Here is a press release sent by NYC Comptroller Liu related to the 10th anniversary of 9/11.

Gregory
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NEW YORK, NY – "Ten years later, memories of September 11th remain as frightening and painful as ever. We will never forget those who perished, especially our FDNY, NYPD, and PAPD heroes who so selflessly ran towards the burning World Trade Center. Our world changed forever that day, the devastation leaving emotional scars on us all. In the aftermath of the attacks, the best of our humanity emerged, in the heroism of the first responders, in the outpouring of fellowship even among strangers, and in our steadfast resolve to recover and rebuild. Today, we continue to remember the victims of Sept 11 and remind ourselves of our humanity, knowing that the best is yet to come."