Earlier this week, Bank of Utica said they would accommodate a loan for the city. Now, that has officially become a reality.
According to the Utica City Comptroller Michael Cerminaro, the Bank of Utica has wired over a $8 million loan.
Mr. Cerminaro says $5 million will go to the Utica City School District and the remaining money will be used for payroll and vendor accounts.
There will be a .25% interest rate. Cerminaro says the city will be able to pay back the Bank of Utica as soon as state aid becomes available.
The City of Utica will be expecting the $10.4 million aid within three to four weeks, says Cerminaro.
“This time of year we are strapped for cash. There is no petty cash laying around. The quicker we get the state aid, the faster we can pay off Bank of Utica. I am thankful for Bank of Utica’s great support,” said Cerminaro in a phone interview.