Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Miscellaneous, People & Places » Municipal Bond still floating
Nov 2, 2012

Municipal Bond still floating

Darrell Bradley

City Hall is still grappling with funding for the proposed twenty million-dollar municipal bond. The bond is to be floated by the Belize City Council for infrastructure development involving main thoroughfares in the Old Capital. While the bond has been touted for some time, investors are yet to be identified before the impending launch of a prospectus in mid-November.  A series of meetings with potential investors remain ongoing, as well as, an overall education campaign to raise public awareness on the benefits of purchasing shares in the bond.  While a significant number of streets have been concretized using CitCo’s internal funds, Mayor Darrell Bradley says that the project cannot be supported on a long term basis with the council’s in-house cash flow.  He does, however, remain optimistic that it is a worthwhile investment.

 

Darrell Bradley, Belize City Mayor

“We haven’t located the funds yet.  What we have been doing for the last several weeks is, we’ve been going on a road show talking to various institutional investors.  We’ve talked to some rather big investors who have expressed a lot interest and optimism in the program and we are releasing the prospectus on the fifteenth of November and we are trying to get, as much as possible, a list of persons who will pledge subscriptions so that we have a general idea when we release on the fifteenth of November, who all will buy this and we’re trying to see if we could sell as much of it, prior to that date, as possible.  So as we release we get inflows shortly thereafter and work is ongoing.  I have a meeting this evening with the Central Bank of Belize, they are going to host the sinking fund which will service repayments.  We have meetings with several other stakeholders.  We are continuing our work in terms of educating the public about what this means and I think it’s really exciting because I did an inspection earlier today about several of the streets that we have been doing.  Work started on the Southern Foreshore.  Work is continuing on Freetown Road.  We’re doing the street between Freetown Road and Newtown Barracks.  We’re also doing the street, New Access Road that Renaissance Towers is on.  We are continuing work on Electric Avenue.  We are doing Bahenia Street and all of these are works that we are currently undergoing and all of this is being paid for by the city council through its internal funds but we can’t continue to sustain this level, this is why we need the bond and we are just excited to release this.  The current figure right now is that we have done thirty cemented streets and we are trying to get that number to thirty-five by November fifteenth when we release the bond.”

 

The idea of the municipal bond was announced in mid-June before being presented to the House of Representatives during a special sitting on August twenty-third. 

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

8 Responses for “Municipal Bond still floating”

  1. Storm says:

    Mayor Bradley is hell-bent on saddling Belize City residents with $20,000,000 more debt!

    Why can’t he manage with the tax revenue he has, instead of trying to put all that money onto our children’s backs?

    Municipal bond = municipal debt. There’s no more to it than that.

    Smart people live within their means, but few politicians are truly smart. They always want to promise the world, and hand out money, because they will be gone when the bill comes due. It’s FUN to squander other people’s money!

  2. portuser says:

    Mr mayor,
    what about cesar ridge road passing customs department , the holes in middle of the road are over 2 feet deep, and customs is where government collects over 1 million daily.

  3. Ricky Malthus says:

    By definition it is the duty of the Mayor to construct and maintain the repair of streets and to pick up the gargage in Belize City. But the Mayor has to understand some economic principles in that he cannot sell this bond directly to everyday Belizeans without shrinking an already shrinking economy. The mayor must sell this Bond to other than Belizeans to bring new money to create jobs and increase consumption of goods and services. Recommendation: sell the Bond to the Commercial banks at 7% or lower rate of return as they are awash in liquidity to the tune of at least $130 million.

  4. javier solis says:

    Good job Bradley. Was time for a serious mayor. Belize does have genuine people. I hope you dont change.

  5. Lucas says:

    In spanish there is a proverb that says: UNA VEZ SE CASTRA EL GATO; DOS EL CONEJO Y TRES EL PENDEJO. In English: The cat is castrated once, the rabbit twice and a fool thrice. I take it as an insult to the Belizean people, the fact that the Mayor wants to saddle Belize City people and dupe Belizeans with this bond scheme. First they are going to pocket the money, Remember Ze-nada?, leaving Belize City residents up to the throat with the bill. Then those Belizeans who bought bonds, will have a hell of a time collecting. Just think. If the foreigners who own the superbond are having problems collecting from Barrow; what make us think we won’t have the same problem. If a UDP govt. can do it to foreigners; what make us think they will not do it to us locals. Does the Mayor really think we Belizeans are that so PENDEJOS?. BOOTS, VEGA, BARROW etc. etc. aren’t buying none of these bonds. They are not stupid but hope we Belizeans are.

  6. Its a SHAME says:

    why is the street toJoe Bradleys home in Belama being concreted, when the main strreet to enter Belama , Chetumal Street, is abandoned with huge craters getting bigger everyday.

  7. Slightas says:

    DON’T WORRY ABOUT IT SHEEPLE…SOCIAL SECURITY BOARD HAS MORE THAN ENOUGH OF YOUR FUNDS TO INVEST IN THE MUNICIPAL BOND. WE WILL BE OKAY.

  8. aldo says:

    You are all a bunch of pup fools. So the pup can borrow 2billion squander it and stick us with a supebond but the mayor cannot try to fix the streets. I personally think it is foolish for him to even attempt such a feat but do admire the courage. As for you guys that criticize shame on you.

Leave a Reply

CAPTCHA Image
*