A: There are several ways to finance the construction of major capital projects. Bond financing is often the most economical means of borrowing money for local governments and a vote of the public is required. This method of financing is used to fund capital projects that are above and beyond the scope of the annual operating budget. Since Morrisville, like most Towns, has few reserve funds set aside for major capital projects, issuing bonds is an option for financing those major projects.
Q: Why are the projects important to Morrisville?
A: With input from the community, the Town Council and staff have formed a Capital Improvements Project list. This list has been refined over time and prioritized based on rankings from community-wide surveys. Traffic improvements and Parks consistently rank very high on the list of capital projects identified by our citizens. With that in mind, Council unanimously approved placing bond funding of the NC54 Bypass project, Morrisville Aquatic and Fitness Center (MAFC) renovation and Morrisville Community Park Phase 3 on the November ballot. The parks and recreation projects will provide much needed investments in our leisure and healthy-living facilities, allowing us to meet increased demand for such amenities. The NC54 bypass will improve traffic safety and mobility on Chapel Hill Rd while providing motorists and emergency responders options for connectivity to Aviation Parkway and Airport Blvd.
Q: What will happen if the bonds don't pass?
A: If the bond referenda do not pass in November, the projects will remain high priorities for the Town. They will not move ahead, however, until an alternative funding source is identified.
Q: Who can vote for/against the bonds and how can they vote?
Q: If the bonds pass, how will it affect property tax payers?
A: Council and staff anticipate that a tax increase of up to four cents may be necessary if both bonds pass. This would equate to an increase of $10 per month on a home valued at $300,000.
A: Residents may believe that a bond vote is a vote to approve a particular project. Rather, a yes vote for a bond referendum is a vote to approve a funding mechanism. While the timing and the cost of the projects may change, the NC54 bypass, MAFC renovation and Morrisville Community Park Phase 3 are considered high priorities by Council. If General Obligation bonds are not used as a financing tool, the Council will have to find alternative ways to fund those projects.
Q: Has the town been successful is using bonds in the past? If so, how?
A: Yes! Morrisville residents have approved General Obligation Bond referendums in 1991 and 2004. However, this particular Bond Referendum is unique in that this is the first time a tax increase will be incurred if the bonds pass.
Morrisville’s first successful bond votes were held in 1991 with the authorization of $9.7M:
- Public Bldg/Town Hall $1.6M
- Parks & Recreation $1.3M
- Streets Repairs $900k
- Sanitary Sewer $3.2M
- Water Improvements $2.7M
In 2004 the $13.7M bond referendums were approved for:
- Public Safety Facilities $5.7M
- Parks & Recreation $4M
- Street Improvements $4M
Q: Include any other information voters should know.
A: Further details regarding the 2012 Bond Referendum can be found at online and a public information session will be held at Morrisville Town Hall on Tuesday October 9th from 5:30 – 6:30 PM. You can also call the Morrisville Public Information Officer at 919.463.6207 with any specific questions.
4 Cents for BIG Improvements
Vote YES November 6th
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