Maintenance of Accounting Records and Disclosure

(1) The Council shall maintain complete and accurate records and accounts of all monies received and disbursed from Municipal Paper Proceeds and any transaction involving and related to the use of Municipal Paper Proceeds. (2) The accounts of the Council including but not limited to the Belize City Fund, the Municipal Paper Fund and the Interest Reserve Fund shall be audited by an independent auditor appointed by the Council annually until all principal and interest due in respect of the Municipal Paper has been repaid to Holders. 8 (3) The Council shall submit to the Minister, within three months after the end of each fiscal year in which– (a) monies from the Municipal Paper Fund are used; and (b) principal or interest is due and payable to Holders in respect of the Municipal Paper, a report of the audit conducted under sub-section (2) and a report on all the projects and activities undertaken wholly or partly with Municipal Paper Proceeds. (4) The Minister shall lay a copy of the reports referred to in sub-section (3) before the National Assembly as soon as possible after he receives them. (5) The Council shall cause a copy of the reports referred to in sub-section (3) to be made available to members of the public on the Council’s website or otherwise.