Back in December, the Mayor of Belize city, Bernard Wagner, stated that the City Council was planning to float a municipal bond. According to him, more than 6.5 million dollars are committed in bonds. Today, we got an update from the Mayor on the progress of it. He told the media that it is nearing the completion of the prospectus.
Bernard Wagner, Mayor of Belize City: “That is at the point of the completion of the prospectus. All the other necessary documentation, all the clearances have been met, the bill has been passed, it’s just the final draft is being prepared. When that is completed they will send that to myself, 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 the bond.”
Reporter: So it’s coming on board three months after it was initially scheduled.
Bernard Wagner, Mayor of Belize City: “Yeah because we had to do an external audit and that external audit covered the period 2017-2018,2018-2019; that was required so that you give potential bond holders full disclosure of the financial position of the council.
“Reporter: So speaking of full disclosures, will those be made available to the public? The audits on the council’s website.
Bernard Wagner, Mayor of Belize City: “Yes that will be in the prospectus and the audits will be on the – that audit was done by Cedric Flowers, very well renowned auditor and I will have- I will soon by disclosing the findings of that audit and some of the findings in that audit will be very interesting but I will save that until I call that press conference.”
Reporter: At the time you had indicated that there was a lot of interest already, where do you stand with that? Is it sold out already?
Bernard Wagner, Mayor of Belize City: “Of course, we have exceeded our initial what we wanted. We had said we wanted six million it has exceeded that to date. Oversubscribed.”
According to the Mayor, the prospectus should be ready by next week.