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CITY OF HARTFORD STATEMENT ON CALL WITH BONDHOLDERS

CITY OF HARTFORD STATEMENT ON CALL WITH BONDHOLDERS

HARTFORD, CONN (September 25, 2017) – The City of Hartford announced today that it conducted a scheduled call with bondholders at 10 AM on September 25, 2017.  The call was open to all bondholders and bond insurers who hold or insure general obligation debt of the City of Hartford.  The purpose of the call was for the City to provide an overview of its current situation to the holders as a first step in what it hopes will be a constructive dialogue about restructuring alternatives.  The City also encouraged holders to direct concerns or questions directly to its financial and legal advisors, Rothschild & Co. and Greenberg Traurig, or to submit them to This email address is being protected from spambots. You need JavaScript enabled to view it..

Because the call was open to all holders and insurers without confidentiality restriction, the City limited the call to public information and did not take questions.  “Today’s call was an opportunity to speak directly to a substantial group of our bondholders to provide our perspectives on Hartford’s current situation,” said Treasurer Adam Cloud.  “Although we were limited in what we could say, we viewed this call as a necessary first step in our discussions with bondholders regarding the future of Hartford.”

Hartford had previously met with certain insurers of its bonds to discuss Hartford’s financial situation and possible structural solutions suggested by the insurers.  Mayor Luke Bronin addressed those discussions and recent public statements by Assured Guaranty directly on the call saying, “I appreciate Assured’s willingness to have constructive discussions, and our team is prepared to engage with all stakeholders who are interested in constructive discussions.  That said, as I have said many times before – and without addressing the specifics of our discussions with Assured – we are interested in long-term solutions that leave the City with a path to sustained solvency and strength, without leaving future administrations to deal with the same kind of challenges.”

The City continues to evaluate all alternatives for long-term restructuring and is focused on solutions for Hartford that provide a path to sustainability and growth.  Mayor Bronin summed up his views of a debt restructuring on the call by saying that, “We need all stakeholders to recognize that this is a structural problem that requires a structural fix, and that this administration is not interested in pushing off this challenge for another Mayor or another generation to fix.”  He also addressed the role that bond restructuring could play in helping to avoid a Chapter 9 filing, stating that, “The restructuring of debt could represent one important part of a multi-part plan for achieving sustainability outside of Chapter 9, but that path will only be available if all the other elements of a sustainable solution are in place, including a substantial and sustained increase in revenue from the State of Connecticut, as well as the participation of other stakeholders.”

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TODAY: MAYOR BRONIN, TREASURER CLOUD, AND COUNCIL PRESIDENT CLARKE HOLD PRESS AVAILABILITY ON HARTFORD’S PATH FORWARD

TODAY: MAYOR BRONIN, TREASURER CLOUD, AND COUNCIL PRESIDENT CLARKE HOLD PRESS AVAILABILITY ON HARTFORD’S PATH FORWARD

HARTFORD, CONN (September 7, 2017) –  This afternoon, Mayor Luke Bronin, Treasurer Adam Cloud, and City Council President Thomas “TJ” Clarke II will hold a press availability at City Hall.  Earlier today the Mayor, Treasurer Cloud, and Council President Clarke sent a letter to State leaders laying out a far-sighted, collaborative approach to help put Hartford on a path to sustainability and strength.  That letter is available here.

WHO: Mayor Luke Bronin, Treasurer Adam Cloud, City Council President Thomas “TJ” Clarke II

WHAT: Press availability

WHEN: Today, Thursday, September 7, 2017, @ 1 p.m.

WHERE: Hartford City Hall, Function Room, 550 Main St., Hartford, Conn.

MAYOR BRONIN HOSTED STATE AND LOCAL LEADERS TO CALL ON TRUMP ADMINISTRATION TO REVERSE $213 MILLION IN CUTS TO TEEN PREGNANCY PREVENTION PROGRAMS

MAYOR BRONIN HOSTED STATE AND LOCAL LEADERS TO CALL ON TRUMP ADMINISTRATION TO REVERSE $213 MILLION IN CUTS TO TEEN PREGNANCY PREVENTION PROGRAMS

 

HARTFORD, CONN (August 24, 2017) – Today, Mayor Luke Bronin hosted Senator Richard Blumenthal, Congressman John Larson, Connecticut Department of Public Health Commissioner Raul Pino, State Representative Angel Arce, State Representative Brandon McGee, City Council President Thomas “TJ” Clarke II, City Councilman Larry Deutsch, City of Hartford staff,  Planned Parenthood of Southern New England, and the Connecticut Women’s Education and Legal Fund to call on the Trump administration to reverse its decision to discontinue a teen pregnancy prevention grant, effectively cutting $213 million in funding nationwide, including $1 million annually to Hartford.  That money represents the only current funding for teen pregnancy prevention in Hartford.  The City has filed an administrative appeal of the Trump administration’s decision, arguing that it is illegal.

 

“Hartford’s teen pregnancy prevention initiatives have been incredibly successful, reducing teen birth rates by more than fifty percent compared to their high point more than two decades ago,” said Mayor Bronin.  “Reducing the teen pregnancy rate increases the chances that young people finish school, pursue higher education, and find stable employment – in fact, less than two percent of teen mothers finish college by age 30.  The Trump administration’s decision to discontinue this incredibly effective approach is breathtakingly irresponsible and contradicts both common-sense and the evidence about how to reduce teen pregnancy.”

 

"The City of Hartford has been on the forefront of preventing teen pregnancy,” said U.S. Senator Richard Blumenthal.  “It is an absolute travesty to eliminate funds for the Hartford Teen Pregnancy Prevention Initiative – a program that has produced extraordinary results – in order to appeal to the far right of the Republican Party.  I call on the Trump administration to stop playing politics with the lives of women and children."

 

“I’d like to thank Mayor Bronin, the City of Hartford, and our dedicated community partners for standing up for this essential program that educates our young people and helps them take charge of their own reproductive health and futures,” said U.S. Rep. John Larson.  “It is outrageous that the administration has bypassed the congressional budget process and without cause slashed funding for grants already awarded.  As someone who has pushed for better family and youth services my entire career, including as president of the State Senate, I will work bipartisanly in Congress to preserve this essential funding in the upcoming budget.”

 

"We are committed to providing a high-quality education to all of our students.  We recognize that in order to put our children on a path to success we must meet their social and emotional needs as well,” said Superintendent of Hartford Public Schools, Dr. Leslie Torres-Rodriguez.  “Ensuring that our students get responsible, evidence-based health education is an important part of our mission, and we’ve established a strong partnership with the City and community groups to help us do that.  These cuts to teen pregnancy prevention funding are an unnecessary setback that will leave young people less prepared to make decisions that are right for them at a critical time in their lives.”

 

“We are honored to be a partner in the Hartford Teen Pregnancy Prevention Initiative, which has worked tirelessly to reduce teen births and unplanned pregnancies in our communities,” said Kafi Rouse, Vice President of Public Relations and Marketing with Planned Parenthood of Southern New England.  “All young people have the right to comprehensive sex education that gives them the information and skills they need to stay safe and healthy.  Planned Parenthood is proud to provide comprehensive sex education and health care services that help teens plan their future and prevent unintended pregnancies and STIs.  Regardless of what happens in Washington, we remain committed to continuing this vital work in Hartford.”

 

In 2010, the U.S. Department of Health and Human Services (HHS) announced the Teen Pregnancy Prevention (TPP) Program, a five-year grant to organizations around the country, including the City of Hartford, to reduce teen pregnancy.  The City and its community partners, including those at the press conference today, launched the Hartford Teen Pregnancy Prevention Initiative.  Hartford aimed to reduce the teen birth rate by 10% by the end of the grant.  One year before the grant ended, Hartford had exceeded that goal, cutting the teen birth rate by more than 40% compared to the rate prior to the grant.

 

In 2015, HHS announced the second round of the TPP Program, and Hartford was once again a recipient.  Hartford aimed to cut the teen birth rate by another 10% by 2020.  But this July, HHS announced the 2015 grant would end two years early, effectively cutting $213 million from teen pregnancy programs across America.  This decision comes after decades of progress nationwide in reducing teen birth rates.  Since 1991, the teen birth rate in the United States has declined by nearly 60%.  

 

Losing this grant funding means Hartford teens will not receive valuable health education and City staff and community partners will lose out on training about best practices in health education.

 

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