AG 1993 10 04 - Laserfiche WebLink

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Compare that $5.9 billion in needs to the numar of projects financed by the North Carolina Revolving Loan and Grant Program (43 for a total of $17.2 million in 1993) and you will see the growing gap be- tween needs and available resources. State-of-the-art infrastructure play a significant part in retaining and attracting business and industry to an area. .. Will my taxes go up? No, the issuance of these bonds will not require any increases in state or local taxes. Most of the money obtained from the bonds will be provided as loans to local governments. The loans will be repaid by the local borrowers. The repayments will come primarily from local water and sewer fees, not tax re- ceipts. The state will use the local loan repayment to fund the annual on the bonds. iShouldn't we postpone this decision until economic conditions improve? Why act now? The State Bond Referendum is timely given the extremely Iow interest rates of General Obligation Bonds and the strong financial reputation of the State of North Carolina. The State continues to enjoy a low debt service and a Triple A bond rating, which is the envy of many in the nation. This bond package, especially the water and sewer component, will boost counties' local economic devel- opment efforts, which in mm can only help the state's overall economy. Increased construction can also generate employment for North Carolina worker - more work means more jobs and salaries which trans- ~ lares into a healthier tax base and more revenue. .. Who would sell the bonds? If voters approve the bond package on Nov. 2, the state treasurer is authorized, by and with the con- sent of the Council of State to issue and sell, at one or at ~arious times, general obligation bonds to be des- ignated "State of North Carolina Clean Water Bonds." Paid for by the NCACC 1993 State Referenda Committee