I have vetted this via attorneys including city attorneys working for cities other than Greensboro. They all agree my plan is 100% legal but despite the fact that I have e-mailed this to Greensboro City Council and city staff in the past my e-mails have continued to go unanswered. It may be true that you don't like me and I admit I'm an asshole but the fact that none of you have bothered to mention this after all these many months is very troubling and cause for our entire city to be concerned.
When you ignore us you are ignoring all of Greensboro's working class.
Previously posted October 29, 2014 in Part 9 of HOW TO BRING GREENSBORO OUT OF POVERTY: http://greensboroperformingarts.blogspot.com/…/how-to-bring… The fund has since risen to $282 Million Dollars and City Council is claiming they're broke.
Madam Mayor, I'm asking you to lead before it's too late.
NC GS 159-30. Investment of Idle Funds. https://drive.google.com/file/d/0B9h2K8JxTQUjakwwUjh0aHR2WElFM0lNR24wdThtUE5hWl9N/view?usp=sharing...
Using all or part of the $272 Million Dollars the City of Greensboro currently has invested in its "rainy day fund" the City could fund a lot of new and existing businesses. The problem is, NC GS 159-30 forbids direct investments into businesses. As a matter of fact: the only legal investment Greensboro can do with its excess funds is to place them in an interest bearing bank account or mutual fund.
But nowhere in NC GS 159-30 or any other law does it say that the mutual fund can't be managed by a local bank (not a local branch of a nationwide bank) and nowhere in any law does it say that mutual fund cannot be restricted as to where that money is invested.
That's right, folks, nowhere. As a matter of fact, when GS 159-30 was first written all investments had to be within North Carolina as North Carolina did not, in those days, allow out of state banking institutions to do business in North Carolina. And North Carolina's economy was at its peak.
So what I'm talking about is issuing a Request For Proposals from local banks to administer a mutual fund for all or part of Greensboro's $272 Million Dollar "rainy day fund" with certain restrictions on how the banks could invest the money.
And if that $272 Million Dollars were restricted to local businesses that meet the terms laid out in Part 1 you might find a lot more companies willing to meet said terms."
Previously posted October 29, 2014 in Part 9 of HOW TO BRING GREENSBORO OUT OF POVERTY: http://greensboroperformingarts.blogspot.com/…/how-to-bring… The fund has since risen to $282 Million Dollars and City Council is claiming they're broke.
Madam Mayor, I'm asking you to lead before it's too late.
