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North Carolinians for Jobs & Progress - Vote for Amendment One Page 1 of 3 <br /> <br />Ovuuwgw Ex,x~et. es Ne~c;.aous ~J~2~,~ gtar~°tts~"au's~rs N~.ws~ooe,~ How ro H <br /> <br />Amendment One: Self-Financing Bonds Q&A <br /> <br />What is a self-financing bond? <br />A self-financing bond is an economic development tool used by <br />communities across America to attract jobs, revitalize <br />communities and neighborhoods, and increase property values. <br />North Carolina is one of only two states in the country that <br />does not have this tool. <br /> <br />How are the bonds used? <br />Local governments issue the bonds to pay for public <br />improvements, such as streets or water and sewer lines, <br />associated with private investment in development districts, <br /> <br />What kind of developments do they support? <br />Development that can be supported by self-financing bonds <br />include new manufacturing plants, re-use of abandoned or <br />vacant facilities, affordable housing, commercial development <br />in inner city areas, redevelopment of areas damaged by <br />environmental pollution or natural disasters. <br /> <br />Why are they called self-financing development bonds? <br />Bonds are paid off with additional tax revenues collected within <br />a development district that has experienced higher property <br />values as a result of public and private investment within that <br />district. <br /> <br />Who creates the development district? <br />Local governments, following discussions with landowners, <br />designate the boundaries of the development districts. The <br />districts don't go into effect until the State Local Government <br />Commission has approved the development plan. <br /> <br />Will the property tax rate be raised to pay off the bonds? <br />No. The existing tax rate in the community and development <br />district stays the same. <br /> <br /> Who approves issuance of the bonds? <br /> The Local Government Commission in the State Treasurer's <br /> Office has final approval authority. The Commission is an <br /> independent non-partisan organization. North Carolina is one <br /> of few states in the country that gives such authority to an <br /> arms length state commission and the only one that gives the <br /> state final authority on approval to issue bonds. Over many <br /> <br />http://www.amendmentone.org/qanda.html <br /> <br />Projects the bonds wi <br />support include the re <br />use of abandoned <br />textile and furniture <br />plants, affordable <br />housing, commercial <br />development in inner <br />cities, industrial park~ <br />redevelopment of are <br />damaged by <br />environmental polluti <br />or natural disasters. <br /> <br />~g.~,~:~:~Lx ,, : ,.~ - .: ,:;:_;;g,':~,.. -. <br />Contact Us: <br /> <br /> Carolinians for Job. <br /> Progress <br /> P.O. Box 27845 <br /> Raleigh, NC 27611 <br /> <br /> )amendmentone.org~ <br /> <br />7/31/2004 <br /> <br /> <br />