Congressman Says Future Is Bright For Area As Reopening Begins

first_imgCongressman Tom Reed with New York State Senator George Borrello, State Assemblyman Andy Goodell and Assemblyman Joe Gigilio. Image by Justin Gould / WNY News Now. 05/12/20CORNING – Areas throughout New York State are starting to reopen, but many are wondering if and when those regions economies will fully recover to where they stood prior to the COVID-19 pandemic. WNYNewsNow asked Congressman Tom Reed, who has been a staunch supporter of a regional reopening approach, where he expects the local economy to stand as Chautauqua, Cattaraugus and other counties reopen. Reed says he sees the economy bouncing back over the next few months as each reopening phase progresses.“I do believe because the economy was so strong coming into this crisis that there is a great potential to recover and rebound,” Reed said. “I do recognize that there is structural damage going on with the economy given the nature of the bankruptcies and closures because when you go two, three months without cash flow. That is a problem that is difficult to maintain those business operations and keep those people employed.”Reed says that the future will be bright once the nation begins to recover. “I do believe there’s an upside here once we get through that recovery phase, and we will also see what’s necessary in regards to a stimulus package that could potentially be put together in regards to not only recovery dollars, but things like infrastructure, that trillion dollar investment in America that needs to be done,” Reed said. “Might as well do it right now, in my opinion, with zero percent money out there and that will have a huge fiscal stimulus long term, because we aren’t just talking about shovel-ready jobs in that infrastructure bill, we are talking about making that sound, long term investment necessary to rebuild America which has that ripple effect of a positive impact on the economy.”The Congressman says he realizes the journey isn’t over, but he believes the nation will get through it together.“We’ve got a road ahead of us, and it’s going to be us working together, and it’s going to be a difficult road at times, but I know we are going to get through this because of the potential that we had coming into this, and also the potential of the American people that when they’re united in a vision, it’s amazing what they can accomplish.”WNYNewsNow will continue to cover the ongoing COVID-19 pandemic, putting facts over fear.  Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

Editorial: ‘Same old trick’ in debt restructuring at Puerto Rico Electric Power Authority

first_imgEditorial: ‘Same old trick’ in debt restructuring at Puerto Rico Electric Power Authority FacebookTwitterLinkedInEmailPrint分享Caribbean Business News:The most recent announcement of a preliminary deal between Prepa and its bondholders includes a transition charge to help pay for a bond exchange with creditor constituencies that do not include the monoline bond insurance companies and the fuel-line lenders. This is akin to stalled hyper-mitosis in cell division prior to birth—a Prepa deal takes at least two-thirds of the creditor groups brought into the fold to bind the holdouts in a consensual deal. Much work remains to be done.Early in Puerto Rico’s debt game, the complex makeup of that bankrupt utility’s creditor constituencies—somewhat emblematic of Puerto Rico’s debt—made it an important target in the restructuring jamboree inside the Puerto Rico Oversight, Management & Economic Stability Act (Promesa).Thus, Promesa’s circus master, U.S. House Natural Resources Committee Chairman Rob Bishop (R-Utah) tasked staff director Bill Cooper to codify the deal into law when he was enacting Promesa in 2016. But the rate case then, as now in this latest iteration, is likely to sting.Try as they might to privatize Prepa, members of U.S. Congress who have invested considerable political capital—some with midterms upon them, no less—would like to see a securitization mechanism that will not blow Puerto Rico’s rates sky high. After all, the discourse employed by the energy brigades on Capitol Hill—that Puerto Rico needs affordable and reliable power to chart a path to growth—rings a bit hollow if the people have to foot the bill for a 20 percent hike in their electric bills five years afield.The inevitability of a rate hike first reared its ugly head when Prepa’s Chief Restructuring Officer Lisa Donahue took a crack at restructuring the power company’s massive $9 billion debt load under the administration of then-Gov. Alejandro García Padilla. Donahue managed to work out 17 forbearance agreements with creditors that showed a propensity to push debt-payment deadlines down the road as they tried mightily to strike a bond exchange. Then, as now, somebody was going to pay dearly—the answer always came back to shared pain by the people.Today, the declining population continues to present high-wire dangers in the restructuring of Prepa’s debt. There seems to be no way around the transition charge as the deal is currently structured. The transition charge, which is a fee that will be used to pay for debt service, will be 2.35 cents per kWh for years one to five; 2.7 cents for years six to 10; and 2.8 cents for year number 11. However, starting in year 12, there will be annual 2.5 percent increases over the prior year’s transition charge. Shared pain by the people, indeed.In fact, the language in a draft bill to privatize Prepa, authored by Rep. Don Young (R-Alaska) and circulated on the Hill several weeks ago, implies significant challenges in the privatization of the utility tied specifically to a shaky profit and loss forecast absent rate hikes. That self-evident truth prompted the inclusion of language enabling a $3 billion backstop structure financed by U.S. Treasury to fill any funding gaps by investors who purchase Prepa generation assets.This newspaper made a quick visit to Capitol Hill two weeks ago to see firsthand which way the currents of change were blowing. Frustration was a very common emotion etched on faces of those dealing with Prepa. As one House Natural Resources aide put it: “We could have had this done two years ago and avoided all this mess.” Yes; but at what cost and paid for by whom? If the answer is by “we the people,” then the Prepa overhaul for the people, by the people is a sham. And economic development will be a decades’ old memory, a story told in history books, but not seen in our lifetime.More: Same Old Tricks in Prepa Circuslast_img read more

Foundation, Historical Society seek member contributions

first_img May 15, 2002 Regular News Foundation, Historical Society seek member contributions Foundation, Historical Society seek member contributionscenter_img Members also have an option on the fee statement this year to make a voluntary contribution to The Florida Bar Foundation and the Florida Supreme Court Historical Society.Darryl Bloodworth, president of the Foundation, is asking members to make a $25 tax-deductible contribution to its Lawyers Challenge for Children campaign to help bring the benefits of the law and of lawyers to the lives of poor children.The Foundation will dedicate Bar members’ contributions to legal assistance to children through grants to legal aid and legal services programs across the state.“As members of the legal profession, we already do a great deal for our community, including our pro bono work and contributions to legal aid,” Bloodworth said. “Yet, even with this support and all of our other resources, every year thousands of low-income children in Florida routinely are denied their legal rights to education, health care and other services — services that are essential if these children are to become productive adults.” Historical Society Dexter Douglass, president of the Florida Supreme Court Historical Society, said the society needs the membership’s financial support to help expand its program and activities “that capture the rich history of Florida’s judiciary and educate the public about that history.“For example, we’ve recently begun publication of a quarterly newsletter for society members and supporters,” Douglass said. “We’re moving toward publication of the second hardcover volume in our series on Florida’s judicial history. Our docent program continues to educate thousands of Florida school children about the important role of the judicial branch of government. And, we’re talking with the U.S. Supreme Court Historical Society about bringing a special lecture program to our state during 2003.”Douglass said the Florida court system is recognized as one of the “top judicial systems in the world,” and “your support will assure the continuation of the various programs designed to chronicle and preserve our judicial history for generations to come.”last_img read more