Alderman storms out of council meeting
NORWICH – At Tuesday night’s meeting of the City of Norwich Common Council, a resolution was on the agenda authorizing the city to enter into a mortgage profit sharing agreement in relation to three of their economic development loans. The council seemed split on the issue, and not everyone was happy with the results.
The resolution was passed in regards to three economic development loans the city had given to different individuals. “The city has these economic development loans already. Three individuals are looking at re-consolidating these loans,” explained William Roberts, the director of finance. According to Roberts, the individuals are looking at a traditional re-consolidation from a bank or loaning institution. He explained these individuals would have a lesser chance of receiving the re-consolidation loan if the bank only had the security of a second mortgage.
The resolution would allow the city to share the first mortgage priority with the bank. The bank would have a 90 percent priority, and the city would have a 10 percent priority.
“It only affects the security interest. The amount outstanding is still the same,” Roberts explained at a later date.
Roberts said priority sharing was necessary for the individuals to receive these loans because when a new loan is issued, priority is given by the first recorded date.
Because the resolution involved financial information about specific individuals, the council had to enter into executive session in order to discuss the mater. When they returned from executive session, the five aldermen in attendance voted on the issue. The resolution passed, with supporting votes from Second Ward Alderman Terry Bresina, Third Ward Alderwoman Suzanne Williams and Fifth Ward Alderman Paul Laughlin. First Ward Alderman A. Anthony Abraham voted against the resolution. Fourth Ward Alderman Walter Schermerhorn abstained, and Sixth Ward Alderman Robert Jeffrey was absent.
Abraham questioned the legality of the vote, saying that financial matters required a minimum of four yes votes. City Attorney Patrick Flanagan admitted that is sometimes the case, but because the issue did not deal with a new appropriation of funds, it did not apply to this matter.
Hearing that, Abraham picked up his belongings and left the meeting abruptly, saying, “I’ve been in a kangaroo court before.”
The council passed several other resolutions, including authorizing an economic development loan to Geri Barnes for The Coffee Connection and authorizing stipends for Public Works Superintendent Carl Ivarson and Roberts in response to extra duties they will be performing as a result of the Waste Water Treatment Plant capital project.
The resolution was passed in regards to three economic development loans the city had given to different individuals. “The city has these economic development loans already. Three individuals are looking at re-consolidating these loans,” explained William Roberts, the director of finance. According to Roberts, the individuals are looking at a traditional re-consolidation from a bank or loaning institution. He explained these individuals would have a lesser chance of receiving the re-consolidation loan if the bank only had the security of a second mortgage.
The resolution would allow the city to share the first mortgage priority with the bank. The bank would have a 90 percent priority, and the city would have a 10 percent priority.
“It only affects the security interest. The amount outstanding is still the same,” Roberts explained at a later date.
Roberts said priority sharing was necessary for the individuals to receive these loans because when a new loan is issued, priority is given by the first recorded date.
Because the resolution involved financial information about specific individuals, the council had to enter into executive session in order to discuss the mater. When they returned from executive session, the five aldermen in attendance voted on the issue. The resolution passed, with supporting votes from Second Ward Alderman Terry Bresina, Third Ward Alderwoman Suzanne Williams and Fifth Ward Alderman Paul Laughlin. First Ward Alderman A. Anthony Abraham voted against the resolution. Fourth Ward Alderman Walter Schermerhorn abstained, and Sixth Ward Alderman Robert Jeffrey was absent.
Abraham questioned the legality of the vote, saying that financial matters required a minimum of four yes votes. City Attorney Patrick Flanagan admitted that is sometimes the case, but because the issue did not deal with a new appropriation of funds, it did not apply to this matter.
Hearing that, Abraham picked up his belongings and left the meeting abruptly, saying, “I’ve been in a kangaroo court before.”
The council passed several other resolutions, including authorizing an economic development loan to Geri Barnes for The Coffee Connection and authorizing stipends for Public Works Superintendent Carl Ivarson and Roberts in response to extra duties they will be performing as a result of the Waste Water Treatment Plant capital project.
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