How will Greensboro repay the debt?
When you approve a bond referendum, you are authorizing City Council to increase taxes to repay the debt with interest. The repayment of bonds is spread out over a number of years, so costs are shared by current and future taxpayers who receive the benefits of the capital facilities and capital improvements. Ultimately it is up to City Council to decide whether to increase the tax rate, raise fees, or come up with other means to pay for the debt while balancing the City budget each year.
How do we know this is a financially wise decision for the City to borrow this money?
The City must seek the approval of the North Carolina Local Government Commission before it can borrow money. The commission determines whether the City can reasonably afford to repay the debt. In addition, Greensboro currently has an AAA credit rating – the highest rating possible – which is based on its ability to repay its debts.
Are there any additional costs associated with these proposed bond programs and projects?
There may be expenses in addition to the cost of paying the debts, such as maintenance and staff costs of running any new facilities built with bond money.
Who can vote on the referenda?
Any registered voter who lives within City limits.
When will bond-funded projects and programs begin?
Many factors go into determining when a project or program will begin, making it difficult to predict a timetable for each. The City will begin some projects in 2017. All projects are expected to be completed in five to seven years.