Metro’s bond issuance not ready

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The Mangaung Metropolitan Municipality is allegedly not ready to issue municipal bonds to the public.
The matter was withdrawn from an agenda that was to be discussed during a special council meeting in Bloemfontein. This after ANC acting chief whip, Sipho Kayela, requested a caucus among themselves on more than one occasion. According to municipal speaker, Mxolisi Siyonzana, detail of the municipal bond issuance is still a confidential matter and it will be further discussed once all matters have been dealt with.
Siyonzana disputed that there was tension among ANC councillors after it seemed that some ANC councillors did not agree with each other. Earlier last month Mayor Thabo Manyoni announced plans to raise R5 billion on the bond market, which would be used to finance several capital infrastructure projects the local authority has prioritised for its domestic medium term note (DMTN) programme. The prioritised capital projects are expected to be implemented between the 2016/17 and 2020/21 financial years. The primary goal of the bond market – which is also known as the debt or credit market – is to provide long-term funding for public and private expenditures. Manyoni further indicated that the projects were expected to improve people's lives and broaden the municipality's revenue-generating base. He was not yet able to table the proposed projects to be approved by council.
Meanwhile, Mangaung Metro will no longer buy Mangaung Cultural Festival (Macufe) tickets for their employees. The decision was taken unanimously at a special council meeting. "I hope we have made a mindful decision that was based on cost-cutting measures. We all have an obligation to host our guests when they come to the city for various events and this decision should be visionary for future events as well," he said.
The ten-day festival showcases local, national and international talent and features music genres consisting of jazz, kwaito, gospel and hip-hop among others. The first festival was held in 1997. – Refilwe Gaeswe
refilwe@centralmediagroup.co.za