Establishment of Belize City Interest Reserve Fund

There is hereby established, in accordance with section 21A of the Belize City Council Act, a fund to be known as the (a) into which shall be deposited from the Municipal Paper Proceeds one-year interest service reserve on the Municipal Paper; and (b) which shall be used for the purpose of repaying interest payable to Holders of Municipal Paper in the event that the Council is unable to meet interest payments or any portion thereof from the Belize City Fund as they become due and payable from time to time. Belize City Council (Municipal Paper)[CAP. 85:02 7