What is a bond referendum?

A bond referendum gives voters the power to decide if the Town should be authorized to borrow funding for capital projects with General Obligation (G.O.) bonds that are backed by a pledge of the full faith and credit, the taxing power, of the Town. G.O. bonds are debt instruments authorized by the public that can be issued by the Town during a 7-year period (which can be extended to 10 years). The Town will pay back the principal and interest over time, similar to a home mortgage, from the general funds of the Town.

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?