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2024 Union County Public Schools Bond Referendum
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INFORMATION CONTACT:
Beverly Liles, Finance, Director, 704-283-3675; Clayton Voignier, County Manager's Office, Assistant County Manager, 704-283-3687
ACTION REQUESTED:
1) Introduce Bond Order Authorizing the Issuance of $39,425,000 General Obligation School Bonds of the County of Union, North Carolina and 2) adopt Resolution of the County of Union, North Carolina regarding Bond Order authorizing the issuance of $39,425,000 General Obligation School Bonds, Setting Public Hearing for July 15, 2024 and Directing Publication of Notice of Said Public Hearing.
PRIOR BOARD ACTIONS:
1) May 20, 2024, Regular Meeting, Agenda Item # 24-344 - Adopted the Resolution Directing Publication of Notice of Intent to Apply to the Local Government Commission and adopted the Resolution making certain statements of facts concerning the proposed school bond issue and authorizing the application to the LGC for $39,425,000 of general obligation bonds.
2) May 6, 2024, Regular Meeting, Agenda Item # 24-290 - Authorized staff to move forward with the necessary steps for a 2024 Bond Referendum for Union County Public School to fund design of a new high school to be known as Parkwood High School and the design and renovation of converting the current Forest Hills High School into a middle school to be known as East Union Middle School in the amount of $39,421,448.
BACKGROUND:
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FINANCIAL IMPACT:
The estimated cumulative cost over the life of the bond, using the highest interest rate of 5.344% charged for similar debt over the last twenty years is estimated at $61,541,611. The estimated maximum annual debt service impact is $4,077,755 beginning in FY 2026 and commencing in FY 2045. The annual estimated amount of property tax liability increases for each $100,000 of property tax value to service the cumulative cost over the life of the bond is estimated at $8.00 (based on 0.80? increase in ...
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