Goldsboro voters to decide on bond
By Rochelle Moore
Published in News on November 5, 2016 10:17 PM
Goldsboro residents will have the chance to decide on a $10 million bond referendum package during the Nov. 8 general election.
The city is seeking voter approval of a $7 million bond for street resurfacing and other road construction projects. The $3 million bond referendum is planned to partially fund the construction of a multisport complex on the perimeter of Seymour Johnson Air Force Base, on Oak Forest Road.
Voters will be able to decide on either bond proposal or both.
The Goldsboro City Council voted in August to place the referendums on the ballot in an effort to speed the construction of the 62-acre multisport complex and road resurfacing and construction projects in the city.
Some of the bond would be used to construct streets where dirt roads exist.
No property tax increase is planned for the repayment of the general obligation bonds, said Scott Stevens, city manager.
"This bond would not have an effect on property taxes," Stevens said. "We would sell the bonds without a property tax increase."
City staff plan to use existing revenue sources, including the city's general fund and a portion of hotel occupancy tax revenues, to pay the debt.
The city's annual $10 vehicle licensing fee will provide $270,000 and the city's yearly $500,00 budget allocation for street repairs will both be used to pay down the debt.
Officials expect hotel occupancy tax revenues to increase in future years, and a portion of the taxes would be used toward bond repayment, Stevens said.
Voter approval would allow city officials to secure part of the funding, $6.5 million in 2017, and the remaining $3.5 million in 2019 and 2020, said Kaye Scott, Goldsboro finance director. The debt would be repaid within the next 20 years and a fixed interest rate would be set depending on the market.
The council has already approved nearly 30 sections of roadways, along or near busy thoroughfares, for repaving. Efforts are also underway to construct a multisport complex that will include eight athletic fields, walking trails, concession facilities and parking.
The bond financing is planned to match other funding sources, including a $3 million, low-interest loan from Wayne County government. The loan would be paid during a 15-year term, at 1.5 percent interest.