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The full City Council will approve the partial cancellation of the loan transactions entered into to finance the Plan Provider Payment through savings achieved with measures Adjustment Plan launched in 2012.

Thus, about 220,000 euros will be canceled with the savings and a loan of EUR 7,000,000 will be agreed to refinance the remaining amount of such operations in order to obtain a lower interest rate.

This new refinancing loan can be arranged and that the City of Fuente Alamo meets the conditions laid down in Article 3 of the Royal Decree - Law 18/2004 on "Approval of urgent measures for growth, competitiveness and efficiency" and, like the other credit it replaces, it must be canceled in May 2022.

This transaction will mean for the city coffers savings bank interest 184,000 per year, due to a lower rate of interest, which in this case will be less than initially agreed (5,546% against 1.5% a year), is say, four percentage points lower.

The mayor of Fuente Álamo, María Antonia Conesa, stresses that the partial cancellation of the debt of Provider Payment Plan has been made possible "through the efforts and economic adjustment we have made in recent years" and that "the financial savings representing the new refinancing operation will allow the City of Fuente Alamo reduce the payment period to municipal providers and continue reducing public debt, which will invest in improving public services and boost the town's economy. "

This new funding will be endorsed by the full council to be held tomorrow Thursday, October 30th, and once approved shall be submitted to the Ministry of Finance and Public Administration for approval.

Source: Ayuntamiento de Fuente Álamo