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The City of Lorca renegotiate their loans to reduce their impact on municipal annual expenditures (25/09/2009)

Councilman Hacienda del Ayuntamiento de Lorca, Antonio Ibarra, has announced that the Consistory will pay less money each year, which may be used to boost the economy of the municipality and prevent further loans

Councilman Hacienda del Ayuntamiento de Lorca, Antonio Ibarra, has announced that the Consistory has initiated the restructuring of its loans to banks, as they are doing at the moment of crisis for families and businesses to reduce their impact on the expenditure side, and thus may increase the municipal investment in times of difficulty for Lorca. "

Ibarra has materialized that next Monday, among the measures that the council is doing to increase the available funds without raising taxes, will be discussed at the Full Council agreement to amend the conditions of a loan taken in 2005 for a duration of 12 years, with two-year grace period, the unamortized missing 2,697,530.52 euros.

In this way, will extend the loan term to 15 years, with six-year grace period, allowing the municipality to have to pay in the coming years € 253,000 less per year than it has been paying so far.

Antonio Ibarra likewise explained that "this operation, very common during this crisis in all types of borrowers, enables the municipality to be less crowded for loans in the daily management and to avoid further borrowing, which also require the submission of a Plan Financial Restructuring and force us to submit to the impositions unassumable until recently presented us with the Ministry of Economy. "

Source: Ayuntamiento de Lorca

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