Finance Committee Agenda and Packet 2009 12 14

Home Browse Search

al City of Louisville Office of the Mayor December 1, 2009 The Honorable Jared Polis 501 Cannon HOB Washington, DC 20515 Dear Congressman Polis, On behalf of the City of Louisville, I am writing to request that you urge Secretary of the Treasury Timothy Geithner, to exercise the authority provided under the Emergency Economic Stability Act of 2008 to extend the same Troubled Asset Relief Program (TARP) assistance to public investments as the Treasury has already afforded private investments. Local governments such as Louisville, Colorado have been impacted by the economic downturn and the failure of Dirge institutions like Lehman Brothers and Washington Mutual. The City of Louisville lost $44,549.85 last year and is one of many local government communities in Colorado that is trying to recover the money it invested in highly rated Lehman securities. The City supports HR 467 requiring Treasury Secretary Gcithner to use TARP hinds to purchase the Lehman securities held by local governments. Thus, the City is requesting your support of this legislation. The City of Louisville, CO recently had to cut its 2009 budget by 5270,000 in response to lagging sales tax receipts. The addition of a loss of over 545,000 in highly rated Lehman securities (and thus unanticipated given the ratings attributed to the bonds) further affected the City's ability to provide core services. $45,000 in Louisville can support various part-time jobs, a full -time position and /or programming related to seniors, youth and teens. In this economy every penny counts and these dollars lost have a significant impact on our provision of services and our bottom line. Thank you for your consideration. We hope to hear back from you on your support of HR 467 for use of TARP funds and look forward to any enlightenment you might offer on this bill. Sincerely, W t Charles Sisk, Mayor, Louisville 749 Main Street Louisville, Colorado 800 (303) 335-4533 FAX 03) 335 -4550