City Debt Reduction Act introduced at Common Council meeting


 UTICA, N.Y. (WKTV) - A Comprehensive City of Utica Debt Reduction Act was part of the focus during Wednesday's common council meeting, as board members met to discuss various proposed legislation.

The Debt Reduction Act was proposed by Councilman Joe Marino. Marino believes the city's $70 million in long-term debt, coupled with the amount it borrows each year, is causing it to go down a long, steep path of accumulated debt, which results in increased taxes for Uticans. 
Marino's proposed legislation will reduce the cost of borrowing while limiting the amount of unnecessary borrowing the city does over the next five years up to 40 percent.
Marino believes the city needs to continue to borrow money in order to maintain capital and investments, but disagrees with borrowing for "everyday expenses."
"When you borrow for infrastructure there is a return in investment," Marino said. "But when you borrow for chairs, office supplies and things of that nature there is no return on our investment at all."
According to Marino, he has support from eight members of the committee and Judge Garramone who said the legislation is completely legal.
Marino says his goal with this legislation is to completely rid Utica of debt. 
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