Raleigh, N.C. – April 20, 2015 – (RealEstateRama) — Governor Pat McCrory unveiled the Connect NC bond proposals that will connect North Carolina cities and towns by building roads, upgrading technology and constructing education facilities.
Joining Governor McCrory at the Connect NC announcement were Department of Transportation Secretary Tony Tata and Budget Director Lee Roberts.
“Today, we are enjoying and benefiting from the investments made by our parents and grandparents,” Governor McCrory said. “Now is the time for us to seize the moment and make the investments that will benefit North Carolinians for generations to come.”
Under legislation that was filed at the General Assembly Thursday, two bond proposals of approximately $1.5 billion each – one for roads, the other for infrastructure – would go before the voters for approval either in October or November.
The proposed transportation bond would distribute funding according to NCDOT’s Strategic Mobility Formula to pay for 27 permit-ready highway projects throughout North Carolina that have completed environmental documents. In addition, the bond would fund the paving of 176 unpaved secondary roads totaling 113 miles.
“Transportation is the backbone of our economy, and I thank Governor McCrory for proposing these bonds to help us invest in more projects that will better connect small towns to economic centers and support the continued prosperity of our state,” Secretary Tata said. “The new Strategic Mobility Formula is allowing us to more efficiently invest our transportation dollars, and these bonds will enable us to further extend its benefits.”
Because of the state’s fiscal strength and strong balance sheet, no tax increase is needed to fund the bonds and the state’s AAA bond rating would be preserved.
“Interest rates are lower than they have ever been previously,” Roberts said. “Now is the time to use our balance sheet to our advantage to connect and invest in North Carolina.”