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Parks & Recreation GO bond winding down; staff recommends lower dedicated rate tied to remaining projects
Summary
Staff told council the voter-approved parks and recreation general obligation bond (approved 2017) is nearly complete, leaving two major projects — the Cape Fear River Trail and MacArthur Sports Complex — and recommended a lower GO-bond portion of the tax rate based on updated valuation and debt timing.
City staff briefed council on the status of the voter-approved parks and recreation general obligation (GO) bond program, noting most projects are complete and only two major projects remain: the Cape Fear River Trail and MacArthur Sports Complex.
Staff said the city had issued the debt in two tranches (2019 and 2022) and is now better able to forecast ongoing debt costs. “You have issued all of that debt. So now we know what our ongoing debt costs are gonna be,” Mr. Yates said. Staff presented a pro forma that shows a declining fund balance as the program transitions from issuance to repayment and described the fund-balance…
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