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North Carolina Association of County Commissioners Maihng Address: P. O. Box 1488, Raleigh, NC 27602-1488 Street ~4ddress: Albert Coates Local Government Center, 215 N. Dawson Street, Raleigh, NC 27603 Telephone: 919-715-2893 · Fax: 919-733-1065 · Email. ncacc~ncacc.org · webs~te, http://www.ncacc.org August 2, 2004 Dear County Commissioner: You and your colleagues across North Carolina are actively engaged in promoting economic development and in seeking new opportunities to do so as you endeavor to improve the quality of life of the citizens you represent. The November election offers all of us the chance to enhance our economic development efforts through a constitutional amendment - AMENDMENT ONE - to authorize self financing bonds. Self-financing bonds will give local governments one more important tool to compete for new jobs. North Carolina is one of only two states in the United States without self-financing bonds. Forty-eight other states are using this financing tool to attract jobs and revitalize communities. Self-financing bonds are an economic development tool that can be used to finance public improvements in special development districts. These bonds would be used in public-private partnerships, when private development is planned and public facilities are required. Your board, in consultation with the landowners, would designate a development district. You would issue self-financing bonds to pay for the public facilities related to the private development within the district. The increased property tax revenues resulting from that development would be used to pay off bonds. No tax increases would be necessary. A constitutional amendment is necessary to allow a legally binding pledge of the additional property tax revenues as security for repayment of the bonds. Unlike general obligation bonds, the taxing power of the city or county will not be pledged, so there is no need for a referendum on each proposed bond package. The Local Government Commission will oversee the issuance of self-financing bonds in a financially sound manner. There will be numerous other safeguards in place to ensure that these projects will be successful. The Association and other governmental and business organizations sought passage of legislation to place Amendment One on the ballot. We are working together to educate voters and to win approval on November 2. Former Governors Jim Holshouser, Jim Martin and Jim Hint are the honorary co-chairs of the campaign and Association First Vice President Breeden Blackwell of Cumberland County is serving as a campaign co-chair. The campaign was kicked off in May, and now we need to enlist you in this campaign. Here's what you can do. Pass a resolution in support of Amendment One as soon as possible. A sample resolution is enclosed or you may download an electronic version from our website. Please send us a copy.