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Aug 30, 2019

Senate Debates the Belize City Municipal Paper Bill

The Belize City Council during this time of the year faces cash flow problems caused by the ‘seasonal nature of tax collections’. Earlier this year, instead of resorting to high-cost traditional overdraft bank facilities and extensive property discounts, the Belize City council decided to float a municipal paper which was authorized by Central Government. The Belize City Municipal Paper Bill was today also debated by Senators in Belmopan. The bill establishes the Belize City Municipal Paper and a Belize City Interest Reserve Fund. This will allow for short-term financing which would, in turn, facilitate the Belize City Council to access cheaper money. It will also improve the council’s cash management system.

 

Godwin Hulse, Senator for Government Business

“It is simply to assist and enable the Belize City Council to continue to do some of the good and stellar work that you yourself have been doing. I was pleased to hear my colleague Senator Panton point out that the responsibility of Dean Streets and those streets fall on the Belize City council.”

 

Mark Lizarraga, Private Sector Senator

Mark Lizarraga

“One has to admit that over the recent years both yourselves, the government and now the present city council are taking advantage of the monetary reality of the world. All of these loans that are being gotten with concessionary terms Mr. President is because the lending institutions are awash with cash, interest rates come down substantially and they are begging you to barrow money.”

 

Michael Peyrefitte

Michael Peyrefitte, UDP Senator

“Where is the cry for all the details? Where are the details? What projects will the Belize City Council be doing? Will they building how many streets? How many bridges? What size? How comes you don’t need details now? The details people, where are you? How comes you are not crying for details for this one? Because it is for the benefit for a PUP city council which the government has no problem in doing, Mr. President. We understand that the municipality needs support and once again we are doing for a PUP city council that the a PUP central government never did for a pup city council. We are allowing them to float a bond so they can manage the affairs for the betterment of the city. And I support this motion with little to no details, Mr. President.”


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