$45 million bond referendum gets OK from state board
By Liz Moomey
SALISBURY — The bond to fund a Technology Education Complex at Rowan-Cabarrus Community College on Tuesday got an OK from the Local Government Commission, a state agency within the N.C. Treasurer’s Office that oversees local government debt.
The next step will be for voters to weigh in on the March 3 primary ballot and approve or deny the bond.
The $45 million general obligation bond will allow the college to build a Technology Education Complex, including a fire decontamination facility, a building for Rowan County Early College and other high school students and an area of for automotive, welding and machining programs. The center will provide new and renovated space to support technical education programs at the North Campus in Salisbury. A 96,000 square feet building will be built and an existing building measuring 8,900 square feet will be renovated.
The $45 million will include acquisition, construction, installation, renovation and equipping of educational facilities. The cost estimate came from Salisbury-based Bogle Architecture and HarrisCost LLC.
The Local Government Commission approved the bond in its consent agenda on Tuesday. It’s members did not discuss the project.
The bond referendum also was approved by the Rowan County commissioners at their Dec. 16 meeting. The Rowan County Chamber of Commerce, Rowan-Salisbury School Board and Rowan-Cabarrus Community College Board of Trustees endorsed the bond referendum prior to the commissioners OK.
The referendum’s language also has been sent over to the Rowan County Board of Elections to appear on the primary ballot.
The language will be: “Shall the order of the County of Rowan authorizing $45 million general obligation bonds plus interest, for the purpose of financing, in part, the acquisition, construction, installation, renovation and quipping of educational facilities of Rowan-Cabarrus Community college and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on such bonds be approved?”
If a majority of voters say “yes,” the bond will be improved.
The bond would require a 3-cent property tax increase, with debt incurred being paid over 15 years. The current tax rate in the county is 65.75 cents per $100 valuation.
The last request to borrow that came from the county was in August for $7.1 million. The county’s debt, existing debt excluding enterprise funds, is more than $60 million.