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File #: 16-1047    Version: 1 Name: Resolution of Opposition: To the PROMESA Bill (H.R. 5278)
Type: Resolution Status: Adopted
File created: 6/15/2016 In control: Municipal Council and City Clerk
On agenda: 6/15/2016 Final action: 6/15/2016
Title: Dept/ Agency: Offices of Municipal Council/City Clerk Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Opposing the PROMESA Bill (H.R. 5278) Purpose: To encourage opposition to the PROMESA Bill (H.R. 5278) under review by the United States Senate. Sponsor: Council Members, Luis Quintana and Anibal Ramos, Jr. Additional Information:
Sponsors: Luis A. Quintana

Title

Dept/ Agency: Offices of Municipal Council/City Clerk

Action:  (   ) Ratifying     (X) Authorizing     (   ) Amending

Type of Service: Opposing the PROMESA Bill (H.R. 5278)          

Purpose:   To encourage opposition to the PROMESA Bill (H.R. 5278) under review by the United States Senate.             

Sponsor: Council Members, Luis Quintana and Anibal Ramos, Jr.         

Additional Information: 

                   

body

 

WHEREAS, on June 9, 2016 the PROMESA Bill (H.R. 5278), a debt relief bill establishing a financial Oversight Board for Puerto Rico was passed by the House of Representative and will go before the United States Senate; and

 

WHEREAS, Senator Bob Menendez of New Jersey, along with numerous Puerto Rican elected officials of the State, have expressed opposition to the PROMESA Bill (H.R. 5278); and

 

WHEREAS, these elected officials propose that the Bill’s composition should be more of a proposed debt restructuring board that are appointments from the island of Puerto Rico; and

 

WHEREAS, an alternative plan is preferred that will provide more economic incentives and safeguards to prevent the roll back of Puerto Rico’s current minimum wage, tightening pension language within the Bill, along with favorable language to the island’s shareholders.

 

NOW THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

 

1.                     The Municipal Council of the City of Newark opposes the PROMESA Bill (H.R. 5278) that was passed by the House of Representatives and is set to go before the United States Senate.

 

2.                     A copy of this resolution shall be forwarded to the United States Senate. 

 

 

STATEMENT

 

This resolution declares the opposition of the Municipal Council to the PROMESA Bill (H.R. 5278) currently before the U.S. Senate.