How much will the Town issue in bonds?

If citizens vote in favor of the bond financing question on the November 6th ballot, the Town will have the authority to issue up to $24 million in general obligation (G.O.) transportation bonds over seven years. If the Town is not ready to issue bonds within seven years, the Town may ask for a three-year extension from the North Carolina Local Government Commission.

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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?