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Mayor Belisle speaks about the municipal bond project

In 2016, the Belmopan City Council introduced a municipal bond project to raise six point five million dollars which was to be used to execute infrastructure work in the capital.  In March 2017, they had opened the bond up to the public; at the time the bond was only forty percent subscribed. Love News spoke with Mayor Khalid Belisle who said that they were able to meet their target.

Khalid Belisle – Mayor of Belmopan

“The bond has been fully subscribed so all 6.5 million dollars has been subscribed by bondholders. At this point, we have spent roughly 4 ½ million dollars of it. One million out of the 6.5 was dedicated to retiring a loan facility that we had with the HRCU and so of the 4.5 we have had street works completed on Humming Bird Ave. which was cemented with an elevated walk path. We have had the phase one of Habet Heights or the Belmopan Heights area, the streets are paved. We’ve had phase one Cohone Walk likewise paved. The BTL / Reserve area has also been paved, we’ve had works done on Slim Lane. We’ve assisted the University of Belize with their main entrance onto the campus, we have acquired a brand new garbage compactor for the city at a cost of roughly $150,000 Belize dollars and we had acquired, I believe it was three pick-up trucks for the use of the City Council so that is pretty much were the bond money had been allocated and we are pretty much right on time, right on target in terms of having the works execute.”

The bond bears similarity to the Belize City Municipal Bond, whereby a sinking fund was established in order to repay bondholders.