BRADENTON, Fla. — Gilt-edged Raleigh, N.C., decided Monday that more than a dozen major road and smaller transportation projects would be funded if voters approve a $75 million general obligation referendum in October.
Raleigh, the state capital and Wake County seat, will hold its election on the same Oct. 8 ballot when the county is expected to schedule an $810 million school bond referendum.
Putting the city's bond on the same ballot as the county's concerned some council members last week when they approved the city's referendum.
They wanted the amount set as low as possible so it would not compete with the school bond issue.
Several council members discussed setting a higher bonding amount, and said the city would need to seek more than $100 million in bonding authority in the future to deal with Raleigh's pent-up needs if only $75 million was requested on the Oct. 8 ballot.
The lower amount would be "more sellable" to voters, said Councilwoman Mary Ann Baldwin.
"I think at $75 million…we'll be complementing the education bond and I think we've got a good chance of getting both of them passed," said Councilman Eugene Weeks.
The lower amount was "fiscally responsible," said Mayor Nancy McFarlane.
"We're asking people to vote to increase their taxes," McFarlane said. "We've had a very supportive community here" passing bond referendums in the past.
Raleigh had $350.7 million of outstanding GOs at the end of fiscal 2012. The city's GOs are rated triple-A by Fitch Ratings, Moody's Investors Service and Standard & Poor's.
Earlier this month, the Wake County school board asked the county to place an $810 million school bond referendum on the Oct. 8 ballot to meet the fast-growing district's needs.
In North Carolina, counties issue debt for schools.
The Wake County Commission is scheduled to consider setting the school bond referendum at its July 1 meeting, and is likely to approve it since county and school board members had met regularly since January to prepare the capital improvement plan that will be funded with bond proceeds.
Oct. 8 is already an election day for the Wake County school board, and for municipal elections in Raleigh and the town of Cary.
If the new school bond program is approved Oct. 8, it will be the second-largest amount of bonds ever approved by Wake County voters.
In 2006, they authorized the issuance of $970 million of bonds for school capital needs. All of the debt approved in 2006 has been sold.
