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Second Ulster municipality asks state to divest Pilgrim Pipeline from pension fund

Jun 07, 2016 6:30 am

William J. Kemble is reporting in the Daily Freeman the town of Rosendale in Ulster County has asked the state to divest its holdings in pension investments that support the Pilgrim Pipeline project. The Rosendale Town Board adopted a resolution last week in support of the withdrawal of any accounts that support the pipeline project from taxpayer-funded portfolios. Rosendale is the second municipality in Ulster County to take this action; the village of New Paltz was the first. Rosendale Town Board member Jennifer Metzger said the board wanted to get Comptroller Thomas DiNapoli thinking about the Pilgrim project and to "urge him to take a hard look at funds being used to back a crude oil pipeline project that a number of municipalities participating in the state retirement system have formally opposed. This project directly contradicts state clean energy goals and puts our local communities and resources at unnecessary risk.” Gov. Andrew Cuomo on Mon., Jun. 6, declined to comment when asked about municipalities seeking to have Pilgrim Pipeline removed from pension holdings. “I haven’t looked at it and that’s going to be up to the Comptroller,” he said. The proposed 178-mile double pipeline project would move Bakken crude from the Port of Albany to northern New Jersey, and then send refined crude back north to Albany, largely along the I-87 corridor. Read the full story in the Daily Freeman.

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