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What is the status of outstanding voter-approved bonds in Wilmington and New Hanover County?

Ken Little
StarNews

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Q. What is the status of outstanding bonds approved by the voters for the city of Wilmington? This would include the date of the bond, what it was for, the initial amount, current amount due and pay-off date.

A. Three bond referendums approved by city of Wilmington voters have outstanding bond issuances, city spokeswoman Malissa Talbert said.

There are eight outstanding New Hanover County bond issuances, count spokesman Charles Smith said.

CITY BONDS

A 1996 bond for $11.5 million was approved for improvements to streets, sidewalks, stormwater, and parks and recreation facilities.

The remaining balances, split into two bond issuances, are $2.32 million, to be paid off by June 1, 2022; and $655,000, to be paid off by Jan. 1, 2014.

A 2006 bond for $14 million was approved for transportation, including the Independence Boulevard widening project, North Third Street improvement project, a new traffic signal system, sidewalks and a neighborhood traffic program.

The remaining balances on the 2006 bond, split into two bond issuances, are $7.65 million, to be paid off by Sept. 1, 2028; and $5 million, to be paid off by July 1, 2031.

A 2006 bond for $17.45 million, half of a $35 million joint city/county parks bond, was approved for various city and joint city-and-county parks improvements. The remaining balances, split into two bond issuances, are $10.5 million, to be paid off by June 1, 2029; and $4.81 million, to be paid off by Aug. 1, 2031.

The list above is only for voter-approved bond referendums, Talbert said.

“Financing for projects such as these cannot occur, by state law, until 70 percent of the projects have been bid,” she said. “The city spends money upfront on individual projects until 70 project of the entire project list has been bid and then the bonds can be issued.”

COUNTY BONDS

County bonds include one issued in 2004 for $47.425 million, for refunding of Cape Fear Community College and five schools. The remaining balance as of June 30, 2012, is $39.95 million, to be paid off by 2019.

Another bond issued in 2005 is for $18.265 million, for refunding of Cape Fear Community College and other schools. The remaining balance as of June 30, 2012, is $11.28 million, to be paid off by 2018.

A $30 million bond was issued in 2006 for schools. The remaining balance as of June 30, 2012, was $21 million, to be paid off by 2026.

A $50 million bond was issued in 2007 for schools. The remaining balance as of June 30, 2012, was $40 million, to be paid off by 2026.

An $18 million bond was issued in 2008 for parks and recreation. The remaining balance as of June 30, 2012, was $15.75 million, to be paid off by 2029.

A $43 million bond was issued in 2009 for schools. The remaining balance as of June 30, 2012, was $40 million, to be paid off by 2029.

A $48.97 million bond was issued in 2009 for refunding Cape Fear Community College and other schools. The remaining balance as of June 30, 2012, was $46.78 million, to be paid off by 2021.

An $83 million bond was issued in 2010 for Cape Fear Community College and parks and recreation. The remaining balance as of June 30, 2012, was $78.87 million, to be paid off by 2030.

The total amount due on county-issued bonds as of June 30, 2012, was $292,639,997 ($292.6 million).

RELATED LINKS:

Why aren’t massive expenditures like the proposed baseball stadium put up for a referendum?

Are local governments obligated to use taxpayer bond money for the specific purpose cited during the referendum?

User-contributed question by:
Ruth Downey

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