Demanding no eviction of Lorene Parker, supporters of the Moratorium Now! Coalition demonstrate inside the lobby of the Guardian Building which houses the Bank of America in downtown Detroit on December 10, 2008.
Originally uploaded by Pan-African News Wire File Photos
MORATORIUM NOW ORGANIZING MEETING
SATURDAY, JULY 17, 2010
1:00 to 3:00 P.M.
CENTRAL UNITED METHODIST CHURCH, 4th FLOOR
23 E. ADAMS, DETROIT (at Grand Circus Park)
Contact: 313-671-3715
•DECLARE A PEOPLE'S STATE OF EMERGENCY
•END THE BANKS’ STRANGLEHOLD ON DETROIT!
•STOP DEBT SERVICE AND INTEREST PAYMENTS NOW
•DEMAND A MORATORIUM ON FORECLOSURES, EVICTIONS,UTILITY SHUTOFFS AND
SCHOOL CLOSURES
•DEMAND A MASSIVE GOVERNMENT FUNDED JOBS PROGRAM
These figures represent payments to the banks and financial
institutions for debt service in Mayor Bing’s recommendations for the
2010-2011 budget:
$74,398,313 – Sinking Interest & Redemption
$96,145,561 – POC Swap Hedge Payment 2009
$164,258,400 – Water Bond Interest
$5,338,100 – Water Bond Fund Series 2007
$207,996,300 – Sewage Bond and Interest
$46,640,000 – Sewerage Bond Fund Series 2
Meeting to Demand the Declaration of a Moratorium on Debt Service
Payment by the City of Detroit
While City workers are laid off and asked to take 10% wage cuts and
massive benefit cuts and while much-needed city services are slashed,
the banks and financial institutions are being paid hundreds of
millions of dollars from the City budget. Casino tax dollars – they
go immediately to the banks. State revenue sharing dollars – the
banks have first claim on them. According to the April 4, 2010
Detroit News, for some months this year 80% of state aid to Detroit
schools goes for debt repayment to the banks instead of classrooms.
The same banks and financial institutions that are profiting off the
city’s financial crisis have destroyed our communities with massive
foreclosures based on racist, predatory, sub-prime loans. Groups like
the Citizens Research Council, whose report was cited by the mayor in
his budget address, are nothing but fronts for these banks who want to
rob Detroit much like they robbed Third World countries in Africa,
Latin America and Asia.
The mayor and City Council must stand up to the banks and put the
needs of the people before the banks and corporations. We need a
declaration of a State of People’s Emergency and a moratorium on
foreclosures, evictions, utility shut-offs and school closings!
Instead of lay-offs and wage cuts for City workers and elimination of
vital services to balance the budget, the mayor and City Council
should place a moratorium on debt service to the banks. And let’s
demand that the $1.8 billion taken from the people of Detroit to wage
war in Iraq and Afghanistan be returned to the city to fund a massive
public jobs program to put the unemployed and youth to work rebuilding our homes and communities.
For more info: 313-671-3715 http://www.moratorium-mi.org
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