Dare County approves limited‑obligation bonds to finance Early College building; officials say no property tax increase required

Dare County commissioners on June 9 adopted resolutions authorizing up to $26.05 million in limited‑obligation bonds to finance construction of the Dare County Early College and related capital projects.

County Finance Director Dave Clawson, speaking at his final board meeting before retirement, told commissioners the bonds will be secured by previously pledged county facilities and paid with state school capital funds, principally the staterestricted sales tax and lottery revenues earmarked for school capital projects. He said the countydoes not need to raise property taxes to cover the debt service.

The board adopted a reimbursement resolution that lets the county reimburse itself from bond proceeds for certain project costs paid before the closing date, and approved a single combined financing resolution the board will…