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Oct 2, 2015

…Advises Future Successor to Look Favorably on Bond Program

Darrell Bradley

Bradley says that while he doesn’t plan to be there after general elections, he would definitely advise whoever is in the Council to look favorably on the bond program.

 

Darrell Bradley, Belize City Mayor

“There are so many needs within the municipality. I think that the infrastructure work has been very successful and I think that this is something that one ought to continue. The concreting of roads; at the present moment, we are at a hundred and forty-five concreted roads. Princess Margaret Drive is a huge success; the Ministry of Works in terms of the Central American Boulevard, the Chetumal Street Boulevard in terms again of terms of the Ministry of Works; those are huge projects that increase the connectivity of Belize City, the flow of traffic of Belize City and promote economic development within our space. So that I would advise, if I had the opportunity, any future municipality to look at the bond program because when you look at funding for capital projects, capital projects cannot be paid for out of your recurrent income. Nobody pays for their house through their salary. You got to the bank, get a mortgage and you built your house. It is the same with government; no government pays for the building of roads through their recurrent income….it’s not feasible. So that the monies that the City Council collects from property taxes and trade license and other licensing fees are not meant to pay for the massive infrastructure that has gone on over the last three years and that I would say should continue. So that as long as you meet the sinking fund requirements, which in two years, a half of the bond will fall due, which is ten million dollars and we already building up funds to save that. So every single month, we save approximately two hundred and twenty-five thousand dollars that comes from our subvention on our head tax in an account at the Central Bank that we cannot touch. So that that money is being built up, our portfolio has been diversified because we are collecting interests on that money as well and so that that ensures that the municipal bond proceeds are able to repay. And if investors are clamouring for investment, it would be a fool in politics not to take the money and not to put it to good use.”

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