Belize City Council sets up Infrastructure Fund Print E-mail
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Written by Administrator   
Thursday, 16 January 2014 00:00

The Belize City Council is in the process of setting up mechanisms to finance an infrastructure fund. According to Mayor Darrell Bradley, when the council floated the 20 million dollar bond, it simultaneously set up an Infrastructure Fund at the Central Bank of Belize where the bond's proceeds were deposited. These moneys however have already been invested with the council using the last half million dollars that were available.

Now the council is seeking to capitalize the fund permanently and as such, the council is looking to enact legislation to allow for revenue that is collected by the Belize City Traffic Department to be deposited in the Infrastructure Fund. This fund says Bradley will be a non-discretionary one where the finances will be used exclusively for road construction and repairs. According to the mayor, as part of the Traffic Department's revenue streams it had always been empowered by law to collect a 10 dollar fee for vehicle inspections. That fee however has never been put into effect and now with the move to finance the Infrastructure Fund, the council has begun to now collect that fee.