Establishment of Belize City Municipal Sinking Fund

(1) There is hereby established, in accordance with section 21A of the Belize City Council Act, a fund to be known as the Belize City Municipal Sinking FundCAP. 85. (a) into which shall be deposited, from a date to be declared by the Minister by Notice until the repayment of all principal and interest due in respect of the Bond– (i) all monies due to the Council in respect of the cruise ship passenger fee; (ii) all monies voted from time to time by the National Assembly for the use by the 6 Council in the administration of Belize City; and (iii) any other monies from the Belize City Fund that the Council considers necessary to ensure that this Sinking Fund is adequate to satisfy the repayment of principal and interest; and (b) which shall be used for the purpose of repaying principal and interest payable to bondholders in respect of a Bond. (2) Notwithstanding sub-section (1), the Minister may, where there are good and compelling reasons and after consultation with the Bond Trustee appointed under section 8, direct in writing that the deposit of monies referred to in sub- section 1(a)(ii) into the Sinking Fund be interrupted or discontinued.