Status of some city loans being examined by council
NORWICH – More than three months after the City of Norwich Common Council agreed to review the status of outstanding community and economic development loans, some members of the council are still upset that more is not being done to ensure the loans are brought current.
During Tuesday night’s meeting of the City of Norwich Common Council, First Ward Alderman A. Anthony Abraham asked the council why penalties and interest charges had not been levied on several accounts that were still behind in their payments. Abraham listed at least five loans that were not current, some that were as much as 61 months past due.
While loan contracts included clauses delineating what penalties and interest charges could be levied if accounts were not kept up to date, Abraham indicated that those actions have not yet been taken.
“We have to do something about these things. The situation is not being solved and the taxpayers are footing the bill,” Abraham said.
Mayor Joseph Maiurano agreed that the issue needed to be addressed and added it to the agenda for the next meeting of the common council, however, he pointed out that several of those outstanding loans had seen consistent payments since April, with several of the accounts seeing double payments each month, however he said the payments were not enough to bring the loans up to date.
In August of this year, Abraham addressed the Finance and Personnel Committee and proposed that the committee examine the outstanding loans every month and report their findings to the full common council. The Common Council passed a motion to that end, ensuring that someone would be monitoring the loans.
“Because of your ordinance, we are on top of this. The loans are being paid,” Maiurano said.
During next week’s regularly scheduled council meeting, the council will discuss the outstanding loans during an executive session to determine what if any action needs to be taken.
“These are the things we should be concerned about. The taxpayers are footing the bill and it’s a real problem. There’s more money going out then coming in,” Abraham said.
During Tuesday night’s meeting of the City of Norwich Common Council, First Ward Alderman A. Anthony Abraham asked the council why penalties and interest charges had not been levied on several accounts that were still behind in their payments. Abraham listed at least five loans that were not current, some that were as much as 61 months past due.
While loan contracts included clauses delineating what penalties and interest charges could be levied if accounts were not kept up to date, Abraham indicated that those actions have not yet been taken.
“We have to do something about these things. The situation is not being solved and the taxpayers are footing the bill,” Abraham said.
Mayor Joseph Maiurano agreed that the issue needed to be addressed and added it to the agenda for the next meeting of the common council, however, he pointed out that several of those outstanding loans had seen consistent payments since April, with several of the accounts seeing double payments each month, however he said the payments were not enough to bring the loans up to date.
In August of this year, Abraham addressed the Finance and Personnel Committee and proposed that the committee examine the outstanding loans every month and report their findings to the full common council. The Common Council passed a motion to that end, ensuring that someone would be monitoring the loans.
“Because of your ordinance, we are on top of this. The loans are being paid,” Maiurano said.
During next week’s regularly scheduled council meeting, the council will discuss the outstanding loans during an executive session to determine what if any action needs to be taken.
“These are the things we should be concerned about. The taxpayers are footing the bill and it’s a real problem. There’s more money going out then coming in,” Abraham said.
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