Utica’s Common Council Gives the Green Light to Borrow $10.5 Million
Utica, NY (WIBX) - The City of Utica is still in a cash-poor position, last night the Common Council agreed to borrow $10.5 Million to help meet payroll, cover pension contributions and pay for union benefits.
Finance Committee Chairman and Councilor at Large Ed Bucciero says the city needs to meet it's obligations. "If we were to default on any payment, basically what you are saying is that you're insolvent and that will immediately trigger the State to come in and take over the City of Utica".
The revenue anticipation note will be paid back as soon as the State pays the city its state aid contribution sometime next March.