The Chamber of Faro it paid off the debt it had contracted under the Local Economy Support Plan and hopes to get out of the Financial Rebalancing process that it has been promoting since 2010 this year, with the consequent «recovery of the full autonomy of the Chamber, seven years later».
The amortization of the amount that the municipality of Farense owed the State, for having adhered to the PAEL, was made on 1 March, after the Municipality of Farense received the green light from the Court of Auditors to take out a loan of 13.679.000 euros from the bank, 'amount used exclusively to fully pay off the loan taken out with the State'.
«This is a financing contracted on much more advantageous conditions than those signed in the PAEL in 2014 and that will allow a financial inflow of approximately 2,5 million euros in the time frame foreseen for the repayment of this loan, which is 16 years, keeping the rates at current standards», assured the Chamber of Faro.
The autarchy specifies that «the financing was contracted at a rate indexed to the 12-month Euribor plus a spread of 1,325%, and under no circumstances should the spread be higher than the interest rate», when «the conditions of the PAEL were , roughly, by 3 percent».
No case of Faro, as the president of the Chamber Rogério Bacalhau has already explained to the Sul Informação, this amortization does not release the municipality from the obligation to maintain municipal rates at maximum values. This is because Faro is subject to a (voluntary) Financial Rebalancing Plan, which determines the collection of maximum fees.
A limitation that the municipality of Faro also intends to get rid of. "If there is no serious setback, the termination of the Financial Rebalancing Plan will be requested by the municipality during the first half of 2017", revealed the Chamber of Faro.
For this, the municipality counts on the institution's performance statistics, which achieved a "sustained and consistent fall in total debt, from 71,7 million in 2010 to 37,1 million at the end of 2016" and which today "pays in 62 days , leaving far behind the times when the camera took around 380 days (year 2010) to meet its commitments».
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