The Full Council of Totana unanimously approved at its last regular session, refinancing operations in force long-term loan with the bank "Banco Sabadell-CAM" for a total amount of over 2.7 million euros, and will allow a saving in interest 682,000 euros over the next ten years.
This sound financial management is conditioned, of course, that the Ministry of Finance and Public Administration Totana Town Council authorize the renegotiation of these two loans, contributing in part to stabilize the economic and financial situation of the municipal coffers, according to the mayor, Juan Jose Canovas.
These two loans of 660,000 euros and 2,485,000 euros, ie approximately 3,145,000 euros, of which the City missing by paying more than the 2.7 million mentioned above.
The Municipal Corporation gave the green light to the request to the Ministry for authorization to formalize this financial operation, given the great difficulties of the City to meet maturity dates of loans signed.
The operation allows the Consistory totanero liquidated within 10 years this debt with an interest rate of Euribor plus 1.29%, settling and revising quarterly interest, without costs of opening or study.
The mayor praised the improved offer of financial institution through the negotiations following the ruinous legacy financial situation and was optimistic about the ministerial response, which can lead to long-term liquidity of the municipal treasury.
