$20M Municipal Development Bond on Track Print E-mail
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Written by Administrator   
Wednesday, 19 September 2012 00:00

Utility work on Freetown Road“There is never a brick wall! A lot of the things that we are doing is because of our will and determination." That was Mayor Darrell Bradley's response to reports which have come up stating that the Municipal Development Bond has hit a brick wall. That was the assumption surmised after Legacy, one of the Council's financial advisors had announced last week that it was no longer serving in that capacity for the Council.

In speaking to The Guardian, Mayor Bradley explained that the Municipal Bond is well on track and that the Council actually counts on financial advice from many advisors. Among those advising the Council is the Central Bank of Belize as well as a World Bank consultant, who is assisting the Council with the Municipal Development Project as a technical advisor to the Council. As for Legacy, the Mayor pointed out that the Council is the client and the advisors work for the Council and it is not obligated to proceed along the way in which the advisors attempt to take the Council. While Bradley says that Legacy provided tremendous assistance to the council, it felt that the two had reached a certain point where it was necessary to disengage.

For the time being, however, the Council is aggressively pursuing a launch date for the prospectus, which will be ready anytime soon. While the prospectus is being awaited on with anticipation, Mayor Bradley noted that the entire process is a learning one but even so, the investors who have expressed interest in the bond, are still fully engaged and prepared to purchase the bond. Also, the Council is moving to ensure the best for the residents and the city. Experience so far has proven that the contractors cannot build streets fast enough. There are certain conditions which prevent the Council to move as fast as it would want to in paving the streets. Among these is the fact that it has to wait for utility companies, in particular Belize Water Services Limited to do upgrades on their infrastructure before the streets can be paved with concrete. It is for reasons like this that it is crucial that the Council carefully plan on the timing to release of the bond. Mayor Bradley indicated that the Council prefers that the money be used immediately after it is secured to avoid the money having to end up in a bank account.