AG 1993 10 04 - Laserfiche WebLink

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NORTH CAROLINA RESOLUTION IN SUPPORT OF THE PROPOSED CONSTITUTIONAL AMENDMENT ALLOWING THE ISSUANCE OF ECONOMIC DEVELOPMENT FINANCING BONDS WHEREAS, the voters of North Carolina will have an opportunity on November 2nd to approve a proposed amendment to the State Constitution to allow local governments to issue Economic Development Financing Bonds; and WHEREAS, Economic Development Financing Bonds provide local governments with aa important means of financing public improvements, such as water lines and access roads, that are needed to support new business and industrial development; and WHEREAS, a positive vote for Economic Development Financing Bonds will add North Carolina to the list of 41 other states that allow local governments to use this means of f'mancing; and WHEREAS, Economic Development Financing Bond repayments are secured only by the additional tax revenues generated by the new development and do not require increases in tax rates; and WHEREAS, North Carolina state law provides sismificant safeguards to assure that Economic Development Financing Bonds are used carefully for projects which are financially sound by requiring review and approval by the state's Local Government Commission prior to the issuance of these bonds and by requiring local public hearings on all proposed projects. NOW, THEREFORE, BE IT RESOLVED that the Cabarrus County Board of Commissioners supports the passage of the proposed amendment of the State Constitution to allow issuance of Economic Development Financing Bonds by local governments. BE IT FURTHER RESOLVED, that the Cabarrus County Board of Commissioners urges each citizen to learn more about this important public issue and to vote on November 2, 1993. This the 4th day of October, 1993. ATTEST: Carolyn B. Carpenter, Chairman Frankie F. Bonds, Clerk to the Board 8oard of County C~mmissioners