San Pedro Town Council Floats $28 Million Bond

The San Pedro Town Council has launched a $28 million bond to boost the town’s infrastructure. Mayor Gualberto Nunez shared that they’ve already raised $8 million. While municipal bonds aren’t a new concept—there’s even legislation to support them—some critics argue that this bond was introduced quietly and that residents should have been better informed. We asked Mayor Nunez for his thoughts on the matter.

 

Wally Nunez, Mayor, San Pedro

“Since we took office we realize there was a lot of need for the island to improve infrastructurally and one of the things we started to look at was floating municipal bonds. It is nothing new. We have been open about it. It is not like some people say that we have been hiding it. Actually the San Pedro Sun took out an article on that a couple weeks ago. Some of the things they have been brining up are things that are being revised so we can float the bond. The budget and all we do as a municipality are exactly that. It is budgeted amount, not exact amount spent. So the municipality have been looking at raising municipal bonds to pay off road works, the bridge, and that is how most municipalities do. The value we are raising is twenty-eight million. At the moment we have raised a little over eight million.”