Regulations

The Council may, with the approval of the Minister, make Regulations for the better carrying out of the objects and purposes of this Act, and without prejudice to the generality of the foregoing, these Regulations may provide for– (a) the registration and certification of bonds issued; (b) the management of projects and activities undertaken wholly or partly with bond proceeds; (c) the procurement process for goods and services to be paid for with bond proceeds; (d) the requirement for certificates of completion before bond proceeds may be disbursed to contractors; (e) public consultations; and (f) financial audits in respect of bond proceeds. 10 SCHEDULE I [section 2] The Belize City Municipal Bond (Issue No.1), 2012 authorized by the Council by Resolution dated 28 June, 2012. SCHEDULE II [section 4] The Council may use the Infrastructure Bond proceeds for any of the following purposes– (a) to retire any existing overdraft facility, debt or liability (not to exceed $2.5 million in aggregate); (b) to pay for infrastructure works, including the construction or upgrade, excavation, painting or repair of streets and drains and the installation of street lights, sidewalks or any similar types of infrastructure and the carrying out of related works; (c) to pay for any consultancy services, contractor services or services of any professional, including any attorney, auditor, accountant, financial advisor or bond trustee used as part of the municipal bond program (not to exceed 2% of the bond proceeds in aggregate or $400,000, whichever is the lower); (d) to pay for anything that is made a requirement by this Act, including any publications to be done; and (e) to pay for any building, construction, renovation, beautification, park or playground or other similar project or activity within Belize City that benefits residents of Belize City and which the Minister may approve in writing.