The government will issue fixed rate bonds to repay outstanding liabilities for compulsory land acquisitions.
The Senate has authorized the Minister for Finance to raise sums of EC$8,407,800 and EC$5,092,200 by the issue of fixed rate bonds to Marie Ann Cecilia Francis and the Estate of Oliver Caliste Nicholas Francis to settle outstanding liabilities for the compulsory acquisition of lands.
Leader of Government Business, Sen. Hon. Victor La Corbiniere, spoke to the terms and conditions of the bonds.
“The term of each bond is four years commencing on the 1st day of June 2015 and ending on the 31st day of May 2019. The interest on each bond is fixed at six percent per annum. The interest on each bond is to be repaid in semi-annual interest payments and the principal amount for each bond is to be repaid on the 31st day of May 2019.”
Payments will be made to Marie Ann Cecelia Francis and the estate of Oliver Caliste Nicholas Francis.
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