Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Economy, People & Places, Politics » City Hall floats mini ‘Superbond’
Jun 12, 2012

City Hall floats mini ‘Superbond’

Darrell Bradley

The Belize City Council today held a press conference to present the achievements of the hundred day plan they had set out upon taking office in March of this year. While they haven’t achieved the hundred items on the list in the first ninety-seven days, they have achieved more than eighty percent of it.  One of those items on the list is the upgrade of the streets in the city as a part of the infrastructure plan for the old capital. Today Mayor Bradley told the media that while the City Council’s budget will not be able to foot the entire infrastructural works to be done, they were able to refinance a one million dollar facility which they used to purchase equipment for street upgrades. Bradley says that they are in the process of attempting a second one million dollar facility which will allow for works to be completed for ten to thirteen streets, particularly on the south side. But the bigger plan for the rest of the city is to take out a twenty million dollar bond. The mayor says City Hall isn’t asking Central Government to float its bond.

 

Darrell Bradley, Belize City Mayor

“But the long term plan, I cannot go to the bank regularly and borrow money; our director of finance will tell me, ‘you have to stop.’ So the idea is that we want to really consolidate everything that we have and put it in a debt; a bond so that we are able to do a massive project. And the bond, our target is twenty million dollars that we want to raise and we are looking at having the first tranche of this bond released in July and that first tranche will be eight million dollars and that eight million dollars will allow us to fix substantial amounts of main streets in Belize City. What I’m talking about is being able to do Freetown Road, Barrack Road, Hyde’s Lane, Queen Street, North Front Street, New Road and Douglas Jones Street so that the driving experience coming from the north side will be very good. Then the next we move to south side and look into all the streets in the down town area the Albert Street area. We will look at portions of Vernon Street, portions of Fabers road and portions of main streets in some of neighborhood communities like Lake Independence, Port Loyola and the Collet Area and that basically will put us at eight million dollars. With the second tranche of the bond we want to look at streets like Baymen Avenue and Princess Margaret Drive. So the second tranche of the bond will allow us to do major streets and the last area of the bond will be a revenue component. The last tranche we’re still discussing this; the third tranche we’re developing ideas and the works that we want to do is to discuss doing a very entrance into the city and then we would toll that road. That would actually generate; it’s called a revenue bond because it is revenue generating and that would allow us to repay that portion of the bond.

We have not asked the Central Government to guarantee the bond. I have been participating in a series of conferences over the last ninety seven days since I’ve been mayor. One of the major pushes has been the issue of municipal autonomy. We need to regularize the property tax rolls to ensure that everyone pays their equal share and if we are able to do this, the person who has been advising us has told me that we can pay the first tranche of the bond within a five year period and we do not need any additional revenue streams for that initial portion and we can look at other revenue streams to pay back the entire issue, the entire twenty million dollars but we do not need any guarantee nor do we need any underwriting from central government.”

 

We’ll have more on the hundred day plan in Wednesday night’s newscast.

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

7 Responses for “City Hall floats mini ‘Superbond’”

  1. Storm says:

    Public debt is the foundation of slavery for the citizens.

    LIVE WITHIN YOUR MEANS! When government borrows, it damages future Belizeans in TWO ways:

    1. Our children have to pay off what we over-spend today.

    2. By spending part of their future income to pay for our spending spree today, they will have LESS resources available to run the government in the future.

    WE NEED A LAW THAT SAYS ALL OF OUR GOVERNMENT, AT EVERY LEVEL, MUST BALANCE ITS BUDGET EVERY YEAR! Debt destroys, pure and simple.

    DON’T STEAL FROM OUR CHILDREN, MAYOR BRADLEY!

  2. Moses says:

    Not a very good idea Bradley, re-think please!

  3. Ranto says:

    This guys is really getting inspired! But no…I’m not in agreement. It’s too much money….which eventually opens to fraud. In addition, there are other priorities than fixing streets.

  4. it is wat it is says:

    Notice how Super Philoughby has new motor vehicles and this new bond hasn’t floated yet…imagine the possibiliites…what kind of salary does this councilor make to afford such expensive cars???

  5. BMNJ says:

    Follow the schools – do some fundraising. The City Council could use a small portion of their revenues and government subsidies to organize block parties, mini fairs, & raffles to raise money. Think like a businessman.

  6. Mary says:

    Stop fatten the bank with loans. Use other strategies to raise fund.

  7. belize first says:

    jajajjajaja,tatz a real joks its just fooling the people once more,the millions of $$$$$$ will be used to fillin their pockets and bank accounts….they love that,while poor willl continue to sufffferrrrrrrr.

Leave a Reply

CAPTCHA Image
*