[Congressional Record (Bound Edition), Volume 153 (2007), Part 21]
[Extensions of Remarks]
[Pages 30257-30258]
[From the U.S. Government Publishing Office, www.gpo.gov]




     IN TRIBUTE TO THOMAS P. FRIERY AND HIS 29 YEARS OF SERVICE AS 
                       SACRAMENTO CITY TREASURER

                                 ______
                                 

                          HON. DORIS O. MATSUI

                             of california

                    in the house of representatives

                       Tuesday, November 6, 2007

  Ms. MATSUI. Madam Speaker, I rise in tribute to Thomas P. Friery and 
his 29 years of service as the city of Sacramento's treasurer. Under 
Mr. Friery's nearly 3 decades of leadership and dedication, Sacramento 
has experienced great growth and prosperity. As his friends, family and 
coworkers gather to celebrate his farewell, I ask all my colleagues to 
join in honoring his leadership and many remarkable accomplishments.
  Since becoming treasurer in 1978, Mr. Friery has worked under 10 
mayors, and 72 council members. Upon taking over as treasurer, Mr. 
Friery inherited the responsibility of managing the Sacramento City 
Employee's Retirement System and its unfunded liability of $60 million. 
The pension fund was expected to grow to a $170 million deficit, but 
under Treasurer Friery's superior financial management the deficit was 
eliminated in 1991, and the system now has $450 million invested in it. 
In doing so, Thomas Friery helped re-establish Sacramento's AA credit 
rating, allowing the city to borrow money at a lower cost.
  Mr. Friery's innovative financial strategies have been vital to the 
prosperity of the city of Sacramento. City leaders and I have always 
been confident of Mr. Friery's financial management skills. In 29 years 
of service, Thomas

[[Page 30258]]

has always been able to provide a capable solution to the most pressing 
problems. Under his guidance, Sacramento became the first city pension 
fund in the State to invest in gold and silver. Those funds delivered 
120 percent returns on the investment over a 2-year period. 
Additionally, over the past 29 years, the city has issued 250 bond 
offerings, raising more than $4 billion for the city. In the 18 years 
prior to Mr. Friery, the city had made only 10 bond issues worth a 
total of $70 million.
  Mr. Friery also played a key role in the successful transition of the 
former Sacramento Army Depot into a business and industrial center 
after the depot was closed. In 1996, Treasurer Friery along with Mayor 
Joe Serna, assembled a financing package that included a loan of $17 
million to Packard Bell Electronics for improvements to the former Army 
depot, which included $9 million for moving and other expenses. In the 
end, the company moved to Sacramento and at its peak employed 5,000 
employees. The plant has since closed, but the company repaid the loan 
back and over $400 million in salaries were paid to local reserves. 
That deal spurred future development at the depot which has now grown 
to house over 60 companies and is far more diversified.
  In another bold move, Mr. Friery was vital in ensuring that 
Sacramento still remains the home for the Sacramento Kings. In 1997, 
when the Kings were exploring alternative cities and venues, he crafted 
a loan that enabled the team to continue building upon its legacy. It 
was also Mr. Friery who helped develop the financing that was crucial 
in ensuring light rail was developed in the region. This significant 
upgrade to Sacramento's transit system has allowed for further city 
development and an increase in property values throughout the region.
  Madam Speaker, I am honored to recognize the numerous contributions 
made by Sacramento City treasurer Thomas Friery during his 29 years on 
the job. His devotion and love to our city of Sacramento is held in the 
highest regards. On behalf of the people of Sacramento and the Fifth 
Congressional District of California, I ask all my colleagues to join 
me in thanking Mr. Friery for his public service as we wish him success 
in his future endeavors.

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