City of Utica to Borrow More Money
By: Administrator
Updated: June 22, 2012
Utica's Common Council is looking to borrow more money... That was the topic of discussion in a special meeting today. The council approved a temporary loan of five and a half million dollars to pay for payroll. Utica is currently waiting on state aid money to come in. According to the Council President the waiting has become a problem recently because city no longer has any money. Common Council President William Morehouse says, "The bottom line is the City of Utica is broke right now and this is how you pay your expenses, I think people often do it with their own house. You know you maybe pay a bill on your credit card and then you pay it back later when you make up for it. So times are very tough." The city says it will talk to a number of banks to find the lowest interest rate for the loan.
