Wednesday, October 1, 2008
New Jersey League of Municipalities Joins the National League of Cities
As Municipal Officials Issue Statements on Financial Crisis
In Trenton today, New Jersey League Executive Director Bill Dressel said, “It is imperative that the federal government responds now to the financial crisis for a multitude of reasons, including to avoid impairing the ability of local governments to serve Americans in the places they call home.
“The negative vote in the House of Representatives on Monday has provided an additional period of reflective discussion for the country and our elected officials in Washington to re-craft the legislation and address concerns raised by citizens and their representatives, a constructive demonstration of the best of our democratic system.
“Now is the time for Congress and the Administration to work together across party lines, chambers, and branches of government. We applaud their constructive efforts to date and urge their continued focus at this important time.”
And in Washington, D.C. the President of the National League of Cities, Cynthia McCollum, Council Member, Madison, Ala., issued this statement on the continuing financial crisis.
“The National League of Cities urges Congress and the Administration to continue working toward a bipartisan solution to the fiscal crisis that will bring stability to the financial markets and help homeowners at risk of losing their homes to foreclosure.
“The crisis in the nation’s financial markets is increasingly curtailing the ability of municipal governments – even those with AAA credit ratings – to borrow funds for ready-to-go projects to serve their citizens. Projects like roads, bridges, schools, hospitals, sewage treatment plants and libraries, the bedrocks of any community, are now at risk of being indefinitely delayed or cancelled because the cost of borrowing is too high.
“At the same time, housing foreclosures remain at an all-time high in many communities triggering a decline in property values and the property taxes that fund critical services for our citizens.”
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For further information contact: William G. Dressel, Jr., Executive Director at (609)695-3481, extension 122 or 609-915-9072.