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Jun 29, 2020

Series 1 of Municipal Bond a Success; 23 Streets to be Fixed!

Bernard Wagner

In March, prior to the COVID-19 lockdown, the Belize City Council launched a ten-million-dollar municipal bond. Back then, it was announced, that the monies would be used to retire any existing debt, pay fees and expenses, reduce short-term financing costs and fund projects or activities within the city. Among those projects is the rehabilitation of twenty-three streets for which Mayor Bernard Wagner says contracts will be signed in the coming weeks.

 

Bernard Wagner, Belize City Mayor

“That bond, series one launch was very successfully, given the circumstances. We are now very close to starting those streets. It is just the point where we went through the tendering process. It is now at the stage where we sign those contracts with the contractors and the work starts. So I believe by mid-July, you will begin to see. But we have to do it in phases. We are looking at not starting a rush of street construction, but doing it in phases. So we will be looking in the area of the Pelican Street Extension and the Raccoon Street Extension; those will be our first two streets. We certainly want to tackle that street behind the Civic Centre; I believe it is Mopan Street, horrible street. We have Ebony Street, we have Victoria Street; we have over twenty-three streets to complete. And those contracts will be signed if not this week, certainly early next week.”

 

The municipal bond has three tranches with different maturities and coupon rates and an anticipated weighted coupon average rate of three point four-five percent.


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