Authority to issue Municipal Paper

(1) Subject to this Act, and notwithstanding the Belize City Council Act or any other law, the Council is hereby authorised to borrow by the issue in Belize of Municipal Paper together with such further Municipal Paper as shall be required to pay off at maturity Municipal Paper already lawfully issued. CAP. 85. (2) Municipal Paper may include roll-over options providing for renewal thereof on a continuing basis. (3) The principal sums represented by any debt outstanding at any one time shall not exceed in the aggregate the sum of fifty million dollars or such further sums as the Minister shall authorize from time to time.