Council Refers Rotondo Motion on Loan Restructuring to Subcommittee

Special To the Journal

Councillor-at-Large George Rotondo presented a motion at Monday night’s Council meeting that the city look in to the feasibility of restructuring all loans involving the city.

“If we can recapture a lot of the money and restructure our loans, we’re talking about [saving] millions of dollars,” said Rotondo. “The last time it was done, I believe the city saved upwards of $4 million.”

Rotondo said he looked at the city’s bond debt “and we have bonds out at 4 percent and so forth. Imagine if we can restructure our debt, so that we’re paying 1 percent on all our loans – that’s a no brainer.”           

The City Council referred the motion to the Council’s Ways and Means subcommittee for further review.