AG 1995 04 03 - Laserfiche WebLink

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A RESOLUTION ENDORSING LEGISLATION TO REDUCE DEBT FOR PUBLIC SCHOOL FACILITIES WHEREAS, Cabarrus County is experiencing tremendous growth in school population; and WHEREAS, this growth far exceeds the capacity to levy a reasonable property tax for the construction of required school facilities; and WHEREAS, a bond issue of $45,000,000 to finance schools would require property tax payers to pay $80,000,000 over 20 years; and WHEREAS, the total needs of school facilities exceeds $80,000,000 and thus the payment of this amount through the property tax would do less than half the job required; and WHEREAS, the burden of this debt would seriously hamper the ability of future generations to meet necessary school expenses; and WHEREAS, the levy of a 1% sales tax would raise about $45,000,000 in five years, ail of which could be used for school construction creating no new debt; and WHEREAS, the provision of school facilities is a mandate upon the Board of County Commissioners with only the property tax as a means of meeting this obligation. THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Commissioners that the Legislature be requested to enact local legislation that would: Create a 1% local option sales tax for Cabarrus County. Require a referendum in order to become effective. Contain a sunset provision after five years that would necessitate another referendum in order for the tax to be extended in five-year increments. Direct that the proceeds of the tax could only be used for pay-as-you- go school capital construction and not be used to create new debt. Adopted this the 3rd day of April, 1995. ATTEST: Jeffrey L. Barnhart, ChaMnan Cabarrus County Board of Commissioners Frankie F. Bonds, Clerk to the Board