7 News Belize

Belize City Council Wants Money From Sale of Bonds
posted (June 13, 2019)
They've been discussing it for months, and yesterday the Belize City council announced that it plans to float a municipal bond. It's a 6 million dollar bond - maturing over the period of three months, six months, or a year, and paying interest rates of 3.20%, 3.45%, and 3.70% - which is more attractive than what you'd get at the bank.

The council says the proceeds from the bond will allow it to alleviate short-term seasonal cash flow challenges. Instead of using costly overdraft bank facilities and expensive property discounts, the council would use the proceeds form the bond to bridge its financing needs. Using the bond proceeds would yield interest savings of 1.3 million dollars annually.

The council says the Prime Minister expressed his support for the bond two months ago and the council expects to have everything in place before the end of July.

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