Portal de Totana
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The Mayor of Totana, Juan José Cánovas, has recently signed an agreement with the managing body of the Official Credit Institute (ICO), in this case Bankinter, to extend to five years the period of grace of the loans formalized by the Fund Of Ordinance and with the Fund for the Financing of Payments to Suppliers of Local Entities up to and including 2016.
The Plenum already approved, in an urgent and extraordinary session, last April 6th a motion of the Mayor's Office requesting adherence to the measure adopted by the Delegated Committee of the Government for Economic Affairs to modify the financial conditions of these loans made in the framework Of this resolution of the Ministry of Finance and Public Function.
The measure provides for the extension of a three-year additional amortization period, which will allow the City of Totana "a very important respite" in the coming years on loans in 2015 and 2016, which total almost 20 million euros, according to Explained the mayor.
The modification consisted in obtaining an additional grace period for the repayment of the principal of three years, also increasing during that same period the amortization period and the interest rates that they had fixed;
So that will mean a relief of more than 12 million euros in the next five financial years.
In this way, the agreement is executed plenary extending the periods of grace in a total of five loans formalized and whose periods without paying capital were contemplated in two years, so that it passes two years of lack - period in which only Pay interest - to five years.
These are basically aid payments for final judgments and financial aid obtained under the Adjustment Plan, which will allow to defer a part of the debt (19,374,794.46 euros) until 2021 and 2022, surpassing By far the current legislature and entering the middle of next, said the mayor.
The mayor has explained that this figure continues to be a very important amount for our still battered economy, but it is still a modest figure - compared to the total volume and municipal resources - with which we have faced sentences and debts generated by Previous municipal governments of the PP, avoiding the bankruptcy of our finances or the embargo of the few assets that could be embargoed.
Juan José Cánovas added that this agreement confirms the commitment to implement the Adjustment Plan that is in force linked to credit operations whose grace periods will be modified, accepting the imposition of measures established by the Ministry of Finance And Public Function.
In addition, he pointed out that "meager" interests (0.418 to 1.311%) have been negotiated, which have also been negotiated steadily with respect to the 6.5% signed by previous governments of the PP and usury clauses.
In this regard, the councilor commented that any company or entity with a high level of indebtedness, as is the case of the City of Totana, would give whatever it was because its principal debt had a five-year capital deficiency;
While, we can implement measures that recover and tend to stabilize the debt making it "sustainable".
Source: Ayuntamiento de Totana
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