And last week, we asked the other mayoral hopeful about a $46 million bond offering which the City Council is proposing. Part of it is to reprofile their existing $20 million bond, but there's still another $26 million in there, which looks like major cash flow in time for an election.
We asked the Deputy Mayor to explain the offering:
Eluide Miller, Deputy Mayor of Belize City
"I would not want for anybody to get the idea that we're taking on $46 million in new investment. We had over $20 million worth of existing investment, and so what is happening is that we are reprofiling that. Meaning that we are turning it from short term investments, one to two year investments into the city, into longer term investments, five to ten year. But as a part of that as well, we're also taking on some new investments. And that has been going well. I think we have been doing a good job of encouraging the public and private sector to invest in Belize City. As you know, it is one of the most attractive offerings on the financial market. There is a lot of liquidity out there in the market. And I think the Belize City Council has effectively managed our municipal securities offering over time. I am proud to say that we have never defaulted on an interest or principal payment, even through the impacts of the COVID-19 pandemic, even through the impacts of Hurricane Lisa, and all the economic implications that came along with that, we have been able to meet every single payment. We continue to do what is necessary to build our interest reserve fund, and our sinking fund, and those continue to be managed properly as well. And so I'm happy to report that that has been going well."
