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Cary council extends 2019 bond authority and authorizes up to $50M in bond‑anticipation notes to reimburse projects and fund near‑term needs
Summary
The Cary Town Council voted unanimously to extend the 2019 referendum bond orders to 2029 and to authorize issuance of up to $50 million in bond anticipation notes (BANS) to reimburse roughly $25M in already‑incurred expenses and provide interim financing for near‑complete transportation and park projects.
The Cary Town Council voted unanimously to extend its 2019 referendum bond orders (adding three years to allow issuance through 2029) and to authorize issuance of general obligation bond anticipation notes (BANs) not to exceed $50 million, with staff recommending PNC Bank as the lender after a competitive RFP process.
Assistant Town Manager Dana Widmar and Debt & Investment Manager Marcello Alarte told the council that state law allows bonds authorized by referendum to be issued…
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