Posted: Thursday, August 7, 2014. 9:57 pm CST.
Thursday, August 7, 2014. AARON HUMES Reporting: The BML issue is at its core a financial issue, not only for the company, but for the City Council.
To support its grand infrastructure redevelopment plan it entered into a $20 million municipal bond that ties up revenue streams for the Council including the annual subvention from Central Government.
Mayor Darrell Bradley was asked whether he regretted that decision and he explained that a conscious decision was made relating to the nature of finance and capital projects.
Administrations, he said, typically borrow from outside sources for capital projects like the street concreting and not to pay recurrent expenditure as the BML and Waste Control sanitation contracts. In this instance, they will need short-term financing to clear the contract through.
And the Mayor explained why the City does not need a larger subvention from Central Government at this time by pointing out the other kinds of support the Government gives, in terms of advice and taking care of several especially large projects, some of which are under its jurisdiction.
Among the many projects funded in the City by the Government at present are the drainage project for $1.8 million and continuations of Princess Margaret Drive and other streets in the $10 million phase 2 of the Infrastructure Project – a total $15 million in direct help, in addition to its own responsibilities in concreting Central American Boulevard, building the Lake Independence-Chetumal Boulevard and Bridge, and others.
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