Utica Councilman Joe Marino Proposes Debt Reduction Act
Utica 4th Ward Councilman Joe Marino is introducing a Comprehensive Debt Reduction Act that he says will increase the City's poor bond rating, and help lower taxes for residents.
Marino's plan calls for the city to put a cap on the amount of borrowing it can do so the Common Council will have to consider borrowing proposals on their merit, which will prevent unnecessary borrowing in the future.
Marino said the act will systematically reduce the cost of borrowing, which will save the city money while also limiting the amount of borrowing done over the next 5 years by up to 40 percent.
He added that the act is fully legal and he has a firm commitment from most of the Common Council to show Utica residents that they mean business in reducing debt and borrowing costs.
The fate of the legislation will be decided in the weeks ahead.