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Commissioners authorize $11.05 million general‑obligation bond sale for parks and transportation projects, 4‑3
Summary
By a 4‑3 vote the board authorized sale of general‑obligation bonds (Series 2025) to fund earlier voter‑approved park projects and a transportation item; commissioners Tofano and Mayor Pro Tem Hoover were recorded in opposition.
The Matthews Board of Commissioners voted 4‑3 on March 10 to authorize the issuance of general‑obligation public improvement bonds (Series 2025) to provide financing for voter‑approved parks projects and a transportation project.
The resolution authorizes selling $11,049,512 in bonds tied to the town’s 2022 voter‑approved bond program; the issuance will cover roughly $10.94 million for parks and about $104,573 for a transportation project, per staff. The board indicated the borrowing will be structured so the debt service is covered by a proposed 1.35‑cent increase in the town’s property tax rate (the manager described the tax impact as a requirement to pay the debt service under scenario 3 presented in earlier budget discussions).
The motion to approve the resolution passed 4‑3; the transcript records Commissioners Robert (first name not recorded in vote log) and Mayor Pro Tem Gina Hoover voting against the measure and indicates three negative votes (the meeting minutes report the vote as 4‑3). Staff said the town expects to close the sale in late April and receive proceeds in the current fiscal year; procurement of consultants and contract solicitations for park construction will follow receipt of funds.
Why it matters: The bonds will fund sections of the park bond program approved by voters in 2022; approving the sale moves projects toward design procurement and construction. Commissioners who opposed the sale said they were not yet comfortable committing to the proposed tax increase or wanted additional detail about project scopes and cash‑flow timing.
Ending: Staff will proceed with the bond sale process and follow the board’s direction on next steps; the projects funded by the sale will be scheduled for design and procurement once proceeds are received.
