New York, October 20, 2011 - JPMorgan Chase, the largest public finance underwriter, announced today that it has provided more than $50.3 billion in financing and lending to metropolitan area governments and non-profits across the country in 2011.
As local governments faced a difficult year supporting investments and employees, JPMorgan Chase continued to help metropolitan communities operate and grow. The financing announced today supported transportation projects, hospitals, non-profit organizations, local governments, colleges and universities, some examples include:
City of Los Angeles: $1.2 Billion to pay current pension and medical benefits, including those for police and firefighters
New York City's Hudson Yards: $1 Billion primarily used to finance the westward expansion of the No. 7 subway line from Grand Central Terminal to a new station near the Jacob K. Javits Convention Center.
City of Philadelphia: $253 Million to address infrastructure needs throughout the city, including an ongoing $90 million renovation of City Hall's exterior as well as upgrades to numerous recreational centers, a new fire station, and street resurfacing.
Detroit Public Schools: $220 Million to help the City meet payroll obligations for teachers.
City of Albuquerque: $135 Million GO Notes: Proceeds were used for public safety, citizen's centers, parks and recreation facilities, libraries, cultural facilities, streets, and transit.
From Buffalo to Montauk over 300 New York State local municipalities and school districts were provided with over $660 Million in commitments to build new classrooms, improve physical facilities and to make their buildings more energy efficient.
City of Fort Worth: $43 Million direct purchase bond proceeds were used to update the City's emergency services radio tower and related equipment.
Reedy Creek Improvement District, Bay Lake and Lake Buena Vista, FL $30 Million direct purchase bond that was used to provide improvements and upgrades to their wastewater system.
For more information about how JPMorgan Chase is helping communities across the country, visit: www.jpmorganchase.com/thewayforward.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.