Following a meeting with representatives of Legacy Fund Limited on Monday to discuss the current conditions of street infrastructure of Orange Walk Town, the Orange Walk Town Council announced today that it passed a resolution on the option of raising a Municipal Bond Offer to undertake a capital investment of 5 million dollars. Acting on behalf of the council, Mayor Kevin Bernard entered in agreement with the funding agency on a bond prospectus. The Mayor discussed the elements of that bond with us this morning.
Kevin Bernard– Mayor, OWTC
“Monday night we passed a resolution in granting me as the Mayor acting on behalf of the council for us to enter into agreement with the Legacy Financials, these are the people that did the bond offer for Belize City and for Belmopan and we know that the Belize City bond offer did go through and these people have explained to us that they have been able to successfully carry out thee bonds proposals so what the council have said is to wee want to at least air mark to raise a bond of about 5 million dollars and gain thee things go through a process so the first phase is for us to acquire these financial advisors. The Legacy Financials will prepare an actual financial report and that report will basically tell us whether or not we can afford 5 million, whether we can afford more or we could only go for less at that stage then we will have to get the permission from the minister of finance if we are to proceed or not but it is an investment that I can tell you it is worth it because whether or not if it is approved by government which I am hoping that the Prime Minister will look at it not from apolitical perspective but a developmental need for the municipality then I believe we can take this town where we need to take it and show the world that as a municipality we can do so.”
Of note is that the name of funding agency is Legacy Fund Limited, not Legacy Financials as the Mayor mentioned in his interview.
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