The city will draw the funds from city employees’ pension funds, with $500 million coming from the New York City Employees’ Retirement System, the largest of the city’s five pension funds, New York City Mayor Rudolph Giuliani told a press conference.
The remaining $300 million will come from police, fire,
board of education and teacher’s pension funds.
The investment represents just over 1% of the funds’ $80 billion total value.
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