Establishment of Belmopan City Sinking Fund

(1) There is established, in addition to the Belmopan City Fund, and notwithstanding section 21, a fund to be known as the “Belmopan City Municipal Sinking Fund”– (a) into which shall be deposited, from a date to be declared by the Minister by Notice in the Gazette, until the repayment of all principal and interest due in respect of a bond, any other monies from the Belmopan City Fund that the Council considers necessary to ensure that the 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. 29 (2) Notwithstanding sub-section (1), the Minister may, where there are good and compelling reasons, appear to him to be direct in writing that the deposit of monies referred to in sub-section 1(a) into the Sinking Fund be interrupted or discontinued.