Daniel Serrano’s government pays off 2010 debt in Cuautitlán Izcalli in advance thanks to good financial management / @daniel_ser @GobIzcalli >>>

#CuautitlánIzcalli, #StateOfMexico.- During the Eighteenth Ordinary Session of the City Council, the Municipal President, Daniel Serrano Palacios, informed that the outstanding debt corresponding to the loan contracted with Banco Interacciones (now Banorte), in the amount of $71,504,212. 38 (Seventy-one million five hundred and four thousand two hundred and twelve pesos 38/100 M.N.) obtained in the public administration in 2010, established a payment term of 15 years between December 2010 and November 2025, with a total of 180 monthly payments.

During the start-up of this municipal administration, an early payment was made in the amount of $5,088,197.90, which allowed the remaining six monthly payments to be cancelled and achieved a direct savings of $911,802.10 by avoiding the payment of future interest.

The early settlement was made in compliance with the provisions of Clause Ten of the contract, which allows the municipality to cover the debt in full without penalty, after notifying the financial institution at least 20 working days in advance.

It should be noted that several municipal administrations omitted to make payments on the principal of the loan, including that of the last three-year term, which did not contribute to the amortization of the loan.

With this action, the Municipal Government of Cuautitlán Izcalli reaffirms its commitment to sound public finances and responsible management and optimization of resources.

#MéxicoNewsTv  –  México News tv