The Belize City's 6 Million dollar Municipal Bond has been in the offing since the middle of last year. But, after many months of fine tuning, it is still in gestation.
Today at a media breakfast followed by a sort of, state-of-the-city press. conference, the Mayor told the press it is almost there:
Bernard Wagner - Belize City Mayor
"It is just the final draft that is being prepared. When that is completed they will send it to me, the City Administrator and our team will go through it and ensure that all the necessary disclosures are there and after that we go to print, we do a press conference and we launch it."
Jules Vasquez
"What is the security for the bond?"
Bernard Wagner
"Firstly, we have set aside other bonds. We have set aside something like $1.2 million in a segmented account that is used only in the instance, and that covers one year interest, only in instance where the council cannot pay the annual interest out of their cash flow for the year. So, that $1.2 million is set aside in the event that the council is unable to meet its interest payment for one year."
Jules Vasquez
"When will we see a prospectus for the bond?"
Bernard Wagner
"Jules, if I give you a date, I think about early next week. Mid next week that will be out. We have to do an external audit, that external audit covered the period of 2017-2018, 2018-2019. That was required so that we give potential bond holders full disclosure. The external audit has concluded and I am just giving you quick peak that in the period 2017 and ending March 2018, the Council which is the Council led by Darrell Bradley and his group operated in a net deficit of $800 thousand, net deficit. So, that means that they spend more than they get, in simple terms. Or spending more than you are getting in income. The period 2018 and concluding 2019, April 1st 2018 to March 2019 will show one full year under our administration that we have been able to swing from a $800 thousand deficit to a $4.5 million surplus. That audit was done by Cedric Flowers a very well and renowned auditor and I will soon be disclosing the findings of that audit and some of the findings in that audit will be very interesting and I will say that until I call that press conference."
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