Utica Common Council approves $5 million short-term loan
By: Chelsea Rarrick
Updated: February 17, 2012
A $5 million short-term loan as been approved by the Utica Common Council.
The city Comptroller, Michael Cerminaro says the city originally asked for a $10 million dollar loan but the Utica Common Council voted that proposal down.
Cerminaro says the city has pulled out every possible penny, and now in order to pay city workers, it needs a loan.
The council spent over an hour discussing and deliberating with the comptroller as to why they should approve the loan.
New Councilman, Joe Marino, who along with the others had many questions.
Marino brought up the idea of a $5 million loan instead.
That passed with all but one council member voting yes.
"There are going tob e some bills that are not going to get paid. We might have to wait until the end of March until we get all of our State Aid in....The City of Utica is running out of cash. We're at that point right now so that's a case we'll have to deal with," said Cerminaro.
He says this short-term loan is for the next two pay periods.
It will last from now until March 31st.
On top of everything, the city's budget is also due this Tuesday.
The city Comptroller, Michael Cerminaro says the city originally asked for a $10 million dollar loan but the Utica Common Council voted that proposal down.
Cerminaro says the city has pulled out every possible penny, and now in order to pay city workers, it needs a loan.
The council spent over an hour discussing and deliberating with the comptroller as to why they should approve the loan.
New Councilman, Joe Marino, who along with the others had many questions.
Marino brought up the idea of a $5 million loan instead.
That passed with all but one council member voting yes.
"There are going tob e some bills that are not going to get paid. We might have to wait until the end of March until we get all of our State Aid in....The City of Utica is running out of cash. We're at that point right now so that's a case we'll have to deal with," said Cerminaro.
He says this short-term loan is for the next two pay periods.
It will last from now until March 31st.
On top of everything, the city's budget is also due this Tuesday.
