Rowan County, NC has issued a new municipal bond to fund various projects and infrastructure improvements. The bond is a general obligation bond, meaning it's backed by the county's credit and tax revenue.
The bond has a maturity date of 2035 and a maximum principal amount of $10 million. This will help fund essential projects such as road repairs, school renovations, and public safety upgrades.
Investors can expect a competitive interest rate of 3.5% to 4.5% per annum. The bond is rated A- by Standard & Poor's, indicating a strong creditworthiness.
New Rowan County NC Bond
North Carolina's Local Government Commission approved about $320 million in bonds for various projects in Rowan County.
The commission, headed by State Treasurer Dale Folwell, approved $73 million of limited obligation bonds for Rowan County to repair and replace school facilities in the Rowan-Salisbury school system and the Kannapolis City Schools.
The county will use general fund money to repay the bonds and doesn't anticipate a tax increase. This means taxpayers in Rowan County won't see a hike in their bills.
The commission approved the bond request unanimously, indicating strong support for the project.
Bond Details
The North Carolina Local Government Commission approved around $320 million in bonds, which will be used for various projects in different counties.
Rowan County received $73 million in limited obligation bonds to repair and replace school facilities.
The county plans to use general fund money to repay the bonds and doesn't anticipate a tax increase.
Macon County was approved for $69 million in limited obligation bonds to help finance the construction of a high school, which is expected to cost over $100 million.
The county has secured a $62 million state need-based capital fund grant for additional funding.
Cabarrus County has been seeking approval for $42 million in bonds since July, with some of the money to be used to build a human services center and some for buying land for and building a regional behavioral health center.
The LGC approved the Onslow County Water and Sewer Authority's request for $35 million of revenue bonds for a seven-mile sewer main and construction of two pump stations.
Suggestion: New New Zealand Money
EveryAge, a not-for-profit that owns and operates continuing care retirement communities, will use $35 million in conduit revenue bond to purchase skilled nursing and assisted-living portions of a retirement community.
Lee County received $28 million of limited obligation bonds to build a library in O.T. Sloan Park and to purchase emergency communications equipment.
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