Quoted Text

SCHENECTADY
City’s finances scare off lender
Credit check busts cop car purchase; new bank sought
BY KATHLEEN MOORE Gazette Reporter

    Schenectady’s finances apparently are so bad that even banks are taking notice.
    The city failed a routine credit check for a loan to buy 10 police vehicles, Finance Commissioner Deborah DeGenova told the City Council Tuesday.
    The bank didn’t like some of the information that came up in the credit check, she said. She declined to offer specifi cs.
    “The credit check didn’t go the way the underlying bank expected it to go,” she said.
    One of her first tasks as the new fi nance commissioner was to find another bank to issue the loan. She said she’s now found a bank that will take riskier loans, though it wants to run its own credit check fi rst.
    “This bank has room in their portfolio,” she said. But it comes with a cost. If the bank agrees to issue the loan, it will charge the city more interest. But DeGenova said the city could still afford the loan.
    The council agreed in committee to let the bank run a credit check in hopes of getting the loan.
    The 10 vehicles — eight patrol cars and two vans for the evidence technicians — were a serious point of contention among council members last year. Several council members objected to the cost and gas mileage of the vans, as well as the fact that the evidence techs drove them home every night.
After rejecting the expense mid-year, the council held another vote and approved the expense at the very end of last year. .......................>>>>..................>>>>....................http://www.dailygazette.net/De.....r00901&AppName=1

Quoted from bumblethru

"Don’t trust anything unless you can prove it with your own research."

Quoted from Box A Rox

"Don't trust anything everything unless you can prove it with your own without research."

What bank actually refused them?
And what bank is going to take the risk?
One would have thought that Key Bank would have given them the loan.....yes?

When banks give loans that are considered 'high risk'....the interest rates are MUCH higher.
I'd have to believe that when/if they do get these loans, the taxpayers will be on the hook for a much higher bill due to high interest rates.

"Schenectady's finances are apparently so bad that even banks are taking notice". Apparently? There's nothing apparent about it. The banks have taken notice but apparently the Gazetto not. The City DEM morons have created a $12 MILLION budget hole and have been bonding like idiots. This is the natural result of one party rule, no checks and balances and idiot DEM incumbents who think they are successful because the
REPS committed suicide. More proof that Cuomo should establish a State Control Board to take all financial decisions from clueless McCheese and the machine. Another new low. Another cry for help from the DEM
gang that can't cut anything especially the BS. Good point about Key Bank that is funding the stunad City homeowners program.

Quoted Text

SCHENECTADY
City’s finances scare off lender
Credit check busts cop car purchase; new bank sought
BY KATHLEEN MOORE Gazette Reporter

Quoted from DemocraticVoiceOfReason

.   The RENAISSANCE continues!

Quoted from DemocraticVoiceOfReason

Sounds great -- another sign of the Democrat-led RENAISSANCE in Schenectady

Yes, what about the dem crony Key Bank?


Any responses?

Quoted from bumblethru

What bank actually refused them?
And what bank is going to take the risk?
One would have thought that Key Bank would have given them the loan.....yes?

When banks give loans that are considered 'high risk'....the interest rates are MUCH higher.
I'd have to believe that when/if they do get these loans, the taxpayers will be on the hook for a much higher bill due to high interest rates.

Again Bumbler... How do you know this to be true?
Remember:

Quoted from bumblethru

"Don’t trust anything unless you can prove it with your own research."

Quoted from bumblethru

When banks give loans that are considered 'high risk'....the interest rates are MUCH higher.
I'd have to believe that when/if they do get these loans, the taxpayers will be on the hook for a much higher bill due to high interest rates.

I believe she stated that:

Quoted Text

“This bank has room in their portfolio,” she said. But it comes with a cost. If the bank agrees to issue the loan, it will charge the city more interest.

................YUP....and it was worth repeating!!!

Too bad they won't calculate that into the total cost of ownership and present it for vote again....usually bad credit could raise interest rate up to just under 25%....and that might just be where Schdy is. Considering the number of miles they put on the vehciles and short length of ownership vs. private individuals, the costs wil be extrememly upside down!!!

It's not rocket science....but you do need to be able to add and subtract
and yu really should manage the money as if it's your own
DOUBT THEY ARE CAPABLE OF UNDERSTANDSING THAT!!!

Dumbocraps can't add, subtract, nor can they think. Dumbocraps live in an alternative reality. I will put my credit report up against any dumbocrap's credit report. Any dumbocrap-run institution would also have an inferior credit report because only regular people like myself have to make more money than they spend in order to get credit at a typical institution. There is this outdated concept of positive cash-flow...

However in this case, I am sure Phillip Morris will front them the money. Or...

Maybe Box will lend it to them since he is the new cheerleader for the defunct Schitnecktitty brand.

Quoted from joebxr

Too bad they won't calculate that into the total cost of ownership and present it for vote again....usually bad credit could raise interest rate up to just under 25%....and that might just be where Schdy is. Considering the number of miles they put on the vehciles and short length of ownership vs. private individuals, the costs wil be extrememly upside down!!!

It's not rocket science....but you do need to be able to add and subtract
and yu really should manage the money as if it's your own
DOUBT THEY ARE CAPABLE OF UNDERSTANDSING THAT!!!

Agree.

Where is Islam? Oh right, she just left with the schitty in ruins...

Quoted from GrahamBonnet

Dumbocraps can't add, subtract, nor can they think. Dumbocraps live in an alternative reality. I will put my credit report up against any dumbocrap's credit report. Any dumbocrap-run institution would also have an inferior credit report because only regular people like myself have to make more money than they spend in order to get credit at a typical institution. There is this outdated concept of positive cash-flow...

However in this case, I am sure Phillip Morris will front them the money. Or...

Maybe Box will lend it to them since he is the new cheerleader for the defunct Schitnecktitty brand.

For some reason... Graham thinks that having "regular" bowel movements makes him superior...  

"Regular People" sure have some strange ideas!