Posted: Monday, March 16, 2020. 11:50 am CST.
By Aaron Humes: Despite the rise of coronavirus and the attendant instability of the financial system, the Belize City Council is pursuing its second municipal bond.
This one is for $7 million with an option for up to $10 million in one year at average rates of 3.46 percent, almost triple the going rate for treasury bills and similar sources.
Representing Alpha Capital, the managers of the bond are Senator Dr. Louis Zabaneh, Attorney Christopher Coye, and Ervin Perez.
Coye cited multiple benefits to buying the bond, including tax exemptions for interest payments and the Council’s improved performance offering guarantees as opposed to the backing of established funds for the first bond.
Coye told us that as intended, the first bond was subscribed mainly by banks, credit unions Andy other financial institutions but they hope to attract more small investors to buy in.
The Council’s offices at the Commercial Center in Market Square can be reached for a copy of the prospectus of the bond.
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