What happens if the bond proposal doesn't pass in November?

The Town has identified several potential transportation projects proposed with the bond that voters are being asked to consider.  If the voters do not approve the bond proposal, then the majority, if not all, of these projects may not occur and may be delayed for as much as 20-plus years.  If the bond proposal does not pass, the Town will determine which projects, if any, it can proceed with.  As these projects are partnership projects with NCDOT, it is highly likely that NCDOT will also not proceed with the majority of these projects and project elements, as well.

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?