For what purpose will the bond funds be used?

Under North Carolina law, a local government holding a referendum for the purpose of issuing general obligation (G.O.) bonds must specify general categories of capital projects for which bond proceeds may be used. Within these categories, a local government may identify specific projects that are intended to be funded by the bond proceeds. The Town has identified potential transportation projects that will have a significant impact on safety, congestion and travel time, in addition to projects that allow the Town to leverage its funds to advance the construction of these projects.  However, due to the lengthy process involved with identifying, designing, and implementing transportation projects, as well as the lack of finalized cost and other project information available at the time of the bond referendum, the specific projects identified in the bond proposal may change over time. The question that the actual bond referendum therefore asks of voters is whether the local government is authorized to use the G.O. bonds as a financing tool for the general category of projects up to the amount specified in the question.

Show All Answers

1. What is a bond referendum?
2. For what purpose will the bond funds be used?
3. How much will the Town issue in bonds?
4. Why doesn’t the Town just use cash or pay-as-you-go financing instead of bond debt to pay for these projects?
5. What is the value of one penny on the tax rate?
6. How will the Town pay back the bonds?
7. What are the property tax rate implications of these bonds?
8. What happens if the bond proposal doesn't pass in November?
9. If voters don’t approve the bonds, does this mean that the Town Board will be prevented from raising property tax rates in the future?
10. If these bonds are approved by the voters, how will the additional debt be viewed by bond raters in light of Cornelius’ existing debt?
11. If the bond referendum is approved, how quickly could the projects begin?
12. Where can I obtain additional information?