The Odessa city Council will allocate 1 billion UAH received as a loan from “Ukrgasbank” between three departments: the Department of municipal economy, capital construction and management of road economy.

According to the Annex to the decision of the deputies at the session on 4 October decision, the text of which has “Interfax-Ukraine”, Department of urban development has spent almost 393 million, UKS – almost 459 million UAH, management of road economy – a little more than 148 million UAH.

The bulk of the funds to be acquired by the Department of municipal economy will be directed on repair of heating systems, mainly in the center and the seaside area, on the streets Pasteur, Market, cable car, Lanzheronovskaya, Szeged. 91 million UAH will be spent on the reconstruction of heating system at Bocharova str (Suvorovsky district). Another 100 million UAH the Department of urban development planned to direct on repair and modernization of elevators .

The construction management will direct the greatest amount of loan funds for the construction of a secondary school for 1,000 people on the street Marshal Govorov (almost 55 million UAH), the design and construction of residential houses for individuals in need of better housing conditions (66 million), design and overhaul Novoorlovskogo manifold (UAH 50 million), repair of the monument of architecture of national value of the House of Russov (UAH 60 million), repair of facades in the historic part of the city (65 mln.) etc.

The road division will direct its share of credit funds for the overhaul of the Transfiguration (almost 88 million) and Richelieu (60,6 million UAH) streets in the center of Odessa.

As reported, deputies of the Odessa city Council on Wednesday voted for the implementation of the borrowing to the city budget in 2017, 1 billion UAH. The city will attract credit until the end of the year “Ukrgasbank”. Interest rate for using credit funds% to 17.5% per annum, the borrowing period to five years with the possibility of early repayment of the loan.

According to the draft decision, the loan is scheduled to repay in quarterly installments. However, no property of the city to the Bank as collateral is not transmitted.

The expenditures of the budget of development of Odessa in 2017 (excluding the subventions and subsidies from the state and regional budgets) amounts to almost UAH 2.5 billion.

Earlier in the year 2017, the Odessa city Council has placed on Deposit in “PrivatBank” 300 million UAH and “Ukrgasbank” and UAH 299 million “temporary funds” under the interest rate, which, according to deputies, 3% less than the loan rate.