Rincon plenary approves loan consolidation

CUTS: Rincon approves loan merges and tax breaks in plenary meeting on Friday. Source: Twitter

AN extraordinary plenary session held on Friday unanimously agreed on the merging of 15 separate loans in the municipality.

The consolidation will save the region a total of €828,056 per year until 2028, meaning a total saving of €9,146,160.

The saving will be based on the interest rates of these loans being reduced from 1.311% to 1.294%.

The total amount for the merged loan to be repaid will be €32,086,694.

Under the project of ‘grouping of loans formalized with the compartments Fund in Liquidation for the financing of Payments to Suppliers of Local Entities’ mayor of Rincon, Francisco Salado (PP), said that “we continue to work to improve the budgetary stability of the Local Council, which will allow us to have more financial resources to invest in the municipality and improve the welfare of citizens.”

Friday’s plenary session also approved an IBI freeze of 0.84 to 0.80, “to mitigate the effects of the 10% increase in cadastral values for 2020,” said the mayor.

Also approved measures include tax reductions of electric, solar and hybrid vehicles and 90% tax breaks on people with disabilities.

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James Warren

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