It is responsible for the concreting of 100 streets across Belize City, but the municipal bond commissioned by the Belize City Council of $20 million represents a financial burden but according to Mayor Darrell Bradley it is one the Council can meet.
Darrell Bradley – Mayor of Belize City
“In The Municipal Bond interest payments every six months, we pay on the first of December and the first of June, and we have always made the payments of that money. This is what members of the public should realize.
One of the reasons why the City Council is in these financial issues is that we’re not getting any subvention from the Central Government, and we’re not getting any head tax. That money goes directly to the Central Bank, and that money capitalizes in a form that’s going to repay the Bond.
So no member of the public in Belize City should worry about repaying the bond. That money is adequately there, because we are directly assigning the Head Tax, and every month we check that that’s appropriately capitalized, so that we can meet interest and principle payment.”
Mayor Bradley gives further details on the repayment schedule.
Mayor Darrell Bradley
“November first is when the first portion of the Municipal Bond will be retired. This is the two year tranche that we bear. So about 20% of the bond will be repaid in November, right here. That will improve our cash flow, because that will mean that we don’t have to save as much in the City fund, and we don’t have that liability for the first tranche of the Bond.
The second tranche will be retired at year five, which is three years from now. So even in my term, we’re paying off a significant amount of the Bond, and in the second term we’ll pay off more than half of the Bond. So this is not a debt obligation that we are saddling future generations of Belizeans. I’m going to be able to pay more than half of this off, within my two terms in office.”