It had a sort of soft public relations launch in mid-July, but since then we haven't heard much about the municipal bond. The prospectus was to have been issued by the end of July, and then the end of August - and now we're in the middle of September, and it still has not been published.
And now there is news that makes it clear that all is not well with the bond.
A press release has been sent out from the Legacy Fund - which had been retained as the council's financial advisor - to state that it quote, "announces the end of its service provider role with the Belize City Council with respect to the $20 million Belize City infrastructural bond project…As of 27 August 2012, Legacy has been disengaged from the project, due to an impasse with the Council over terms and conditions on moving forward with the municipal bond offering."
That's big news and bad news for the city hall, which up until now had been on a roll. But it seems it has hit a brick wall with the bond launch - and it is unclear what the next step will be.
We tried to reach Mayor Darrell Bradley but he did not return our text message requesting a comment.
We'll keep following the story.
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