Bonds
Bonds
During the May 2018 Primary Election, Moore County Voters will get an opportunity to vote on allowing Moore County to issue General Obligation Bonds for educational capital projects for Moore County Schools and Sandhills Community College.
The General Obligation Bond will appear as two separate questions on the ballot:
- one for Moore County Schools
- one for Sandhills Community College
Summary of ballot:
- Moore County Schools: approve $103,000,000 in General Obligation Bonds.
- Sandhills Community College: approve $20,000,000 in General Obligation Bonds.
Moore County Schools and Sandhills Community College have each identified capital facility needs that are in need of funding. The ability to issue General Obligation Bonds provides the County an additional financing avenue which may yield more favorable terms as compared to other forms of financing such as limited obligation bonds or direct bank loans.
MOORE COUNTY SCHOOLS BONDS
Shall the order adopted on February 20, 2018, authorizing $103,000,000 SCHOOL BONDS of the County of Moore, North Carolina, plus interest, for the purpose of providing funds for acquiring and constructing NEW ELEMENTARY SCHOOLS and improving, expanding and renovating other public school facilities in said County, including the acquisition of any related land, rights of way and equipment, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on said bonds, be approved?
SANDHILLS COMMUNITY COLLEGE BONDS
Shall the order adopted on February 20, 2018, authorizing $20,000,000 SANDHILLS COMMUNITY COLLEGE BONDS of the County of Moore, North Carolina, plus interest, for the purpose of providing funds, together with any other available funds, for acquiring, constructing, improving, expanding, renovating and equipping community college facilities, including NURSING EDUCATION FACILITIES, in said County, and the acquisition of any related land, rights of way and equipment, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on said bonds, be approved?
$930.00
$1,045.00 to $1,098.00
$115.00 to $168.00
General Obligation bonds are debt instruments issued by governments for specific purposes which are backed by the full faith and credit of the issuing jurisdiction and must be paid back by the issuing jurisdiction.
The County can secure other forms of debt without voter approval. Moore County can only issue General Obligation Bonds if a majority of voters approve the referendum.
New elementary schools for Aberdeen, Southern Pines, and Pinehurst. In a addition, Moore County may issue bonds for improving, expanding, and renovating other Moore County School facilities including the acquisition of land, rights-of-way, and equipment.
New Nursing Education Facilities, improving, expanding, and renovating other facilities including the acquisition of land, rights-of-way, and equipment.
No, projects must have plans, permits, and approvals secured before issuing bonds. The County issues bonds in the amount needed for the specific project(s). Moore County Schools expects a staggered project schedule. Sandhills Community College plans to require financing for the Nursing Education Facility in Fiscal Year 2022.
Once General Obligation Bond debt is issued, Moore County is responsible for paying annual debt payments of principal and interest, using the County’s General Fund revenues which include property tax and sales tax revenue.
Yes, based on current analysis issuing $123M in bond debt will require an increase in property tax of 5.75-8.40 cents for every $100 in property valuation. Factors that may reduce the needed increase are timing, interest rates, growth in property and sales tax revenue, and outcome of the potential ¼ cent sales tax referendum.
Catherine Graham, Chair | District I
Otis Ritter, Vice Chair | District III
Louis Gregory, District II
Frank Quis, District IV
Jerry Daeke, District V
Helena Wallin-Miller, Chair
Elizabeth Carter, Vice Chair
Stacey Caldwell, District I
Charles Lambert, District III
Dr. Betty Wells Brown, District IV
Bruce Cunningham, District V
Ed Dennison, At-Large
George W. Little, Chair
Larry R. Caddell, Vice Chair
Arthur M. Blue, Trustee
Joseph A. Clendenin, Secretary
Timothy A. Carpenter, Trustee
James O. Cunningham, Trustee
Gary W. Evans, Trustee
Eugene B. Horne, Jr., Trustee
Linda A. McCaskill, Trustee
James W. Saunders, Trustee
Dr. Larry V. Upchurch, Trustee
Helen Probst Mills, Trustee
Dr. Alexander Stewart, Trustee
Austin Padilla, Student Trustee