City votes in favor of $10 million bond
By Rochelle Moore
Published in News on November 9, 2016 9:58 AM
Goldsboro residents backed a $10 million bond referendum package Tuesday with overwhelming support.
The city's $3 million parks and recreation bond, earmarked for the construction of a multisport complex, passed with 10,474 residents voting in favor of the bond and 2,403 voting in opposition.
The $7 million infrastructure bond supporting road resurfacing and new road construction also passed with a wide margin as 10,966 residents voted in favor of the bond and 1,944 voting in opposition.
The voting totals are unofficial until a canvass of the votes takes place on Nov. 18.
Mayor Chuck Allen, who spent Tuesday night at a Gov. Pat McCrory event, said he anticipated voter approval but was surprised at the level of support.
"I am elated," Allen said. "I believed it would pass, but I didn't think it would pass like this. I hope that it means our citizens believe in what we're doing and they believe in the projects, and now we have to make it happen."
Allen said city leaders will be transparent during the financial-decision making process and frugal in an effort to stretch every dollar.
The infrastructure bond, which received the greatest support from Goldsboro voters, nearly 85 percent of the vote, will allow the city to push forward road resurfacing projects at a quicker pace along some of the busiest thoroughfares.
The Goldsboro City Council has already selected nearly 30 sections of roadways for repaving as part of its first phase. Included on the list, estimated to cost $2.79 million, are two sections of Slocumb Street, from Elm Street to Olivia Lane and from Spruce to Walnut streets.
The resurfacing and new road construction is planned to span several years and will provide more funding than the usual $500,000 budgeted each year for ongoing maintenance.
The parks and recreation bond for the 62-acre multisport complex, which received more than 81 percent of the vote, is planned for construction along the perimeter of Seymour Johnson Air Force Base, on Oak Forest Road. A groundbreaking is expected in the spring and the one-year construction project should be complete by the spring of 2018, Allen said.
The $6 to $8 million project will also be paid for with a $3 million, low-interest loan from Wayne County government.
"We look forward to getting these projects started," Allen said. "It's a great win for the city of Goldsboro tonight and our citizens tonight."
Allen went to Raleigh Tuesday to support McCrory due to the governor's consistent support of the needs in Goldsboro and Wayne County.
Voter approval of the bonds allows the city to secure bond financing during the next several years, including $6.5 million in 2017 and $3.5 million in 2019 and 2020, said Kaye Scott, Goldsboro finance director. The debt will be repaid in 20 years at a fixed interest rate, depending on market conditions.
No tax increase is planned for the general obligation bonds, a municipal financing tool secured through local government's committment to use available resources, including tax revenues, to repay bond holders.
Scott Stevens, city manager, said city officials plan to use general fund reserves, annual vehicle license fees and occupancy tax revenues to pay the bond debt.