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Sep 16, 2019

Municipal Bond to be Launched by the End of September

Bernard Wagner

Belize City Mayor Bernard Wagner says that the bond will be officially launched with its prospectus by the end of September. But will the bond reflect increased pressures on the city’s taxpayers? Steve Duncan of Heritage Bank says that there is a mechanism in place to keep the council compliant. In addition to that, Mayor Wagner says that the revenue collection framework in place ensures that the council will be able to meet its payments.

 

Bernard Wagner, Belize City Mayor

“That’s where the fiscal agent comes in. But not only the fiscal agent, but we ourselves have to be the caretaker of any and I believe that as a council, we have been on the up and front in how we run our finances. We have been very prudent, we have been very transparent and I believe that the fiscal agent will be another arm that will provide that type of guidance with respect to allocation of funds and cash flows. The main thing here is ensuring that when that bondholder’s interest is due that we have the funds.”

 

Steve Duncan

Steve Duncan, Managing Director, Heritage Bank

“Under the agreement, the fiscal agency agreement, the council is obliged to leave certain sums of money in escrow with us, in accounts with us from which then we are going to make payments to the various investors, those people who purchase the municipal paper. And for the most part that is what we will do. There are other ancillary things that occur around that, but for the most part, at the core, is trying to ensure that the people who have municipal papers will be comfortable knowing that they will be able to get their interest when it is due, the interest payments.”


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