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Jun 11, 2013

Is there anything left in the Municipal Bond offering?

Darrell Bradley

In November 2012, the Belize City Council launched its Municipal Development Bond. It was a novel idea to raise much needed money for infrastructure works and it was greeted with the requisite amount of political cynicism and public scrutiny. Considering the scale of works, today News Five asked Mayor Darrell Bradley if there is anything left of the twenty million dollar municipal development bond.

 

Darrell Bradley, Belize City Mayor

“We still have that issue…the last five million dollars. We had issued the first ten million dollars in the middle of October and it was sold in three days. We issued a second five million dollars on June first and before June first, it was sold; three people bought it. That was fully subscribed before we issued it so on the day we issued, we closed on the same day. And in September we will issue the last five million dollars and the reason why it has been sold is because we strategically go to members of the private sector and we try to see how they would be comfortable and satisfied in purchasing the bond. And so by the time it is issued then we are sold because they are already committed to buying it. So the bond is working very healthy. The interest payments…the first interest payments were due June first and all persons have been paid their interest payments. The capitalization of the sinking fund is working very well. The City Council in flows of our property taxes, the collection rates, are very high. Trade license is very high. We created a compliance unit so that we are meeting our targets. It is just the additional things like a two point three million dollars judgment that no one really forecast in their budget that those things will catch us by way of a curve ball if we have to meet those things one lick. But everything in this City Council right now is working on target and is working very well to the point where we see that we will be able to build streets for the next one year an nine months; up to the time that I demit office. And we are able then to deliver on a major challenge. The open for business campaign is working very well. B.T.L. Park, Battlefield Park, these things will be unveiled very shortly. We are looking at the Cumberbatch Field off Faber’s Road that we want to get started very shortly. We are also looking at another park in Lake Independence that we want to start. So all of these things are being done because the City Council is on the right footing. I’ve always said this though is that we are not where we need to be. We have substantial and serious challenges that face us including these judgments, but we are moving in the right direction. And I know that residents are frustrated, but at the end of the day, you are going to have a better City.”

 

Mayor Bradley had publicly announced his plan to leave office at the end of his term and to contest the Caribbean Shores Division for the United Democratic Party.  

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1 Response for “Is there anything left in the Municipal Bond offering?”

  1. Dissapointed says:

    cementing streets is the biggest HUSSLE around town right now. no accountability in spending. Chetumal street cost taxpayers $870,000 dollars, and it has cracks all over , certain areas have been re- cemented and patched 3 times in one moth. we were told cement streets would last 30 years, well Chetumal Streeet did not last 30 DAYS before it started to break up.

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