Dare County approves up-to-$67 million bond package to fund public-works projects

Dare County commissioners voted unanimously Aug. 10 to advance a Series 2026 C limited-obligation bond issuance with a 'not to exceed' amount of $67,000,000 to fund a new public-works campus, EMS construction and the Manteo High School field house. County staff presented an initial resolution and an approving resolution and said completed bond documents would be provided before the planned early-October issuance.

Matt Matika, who presented the proposal, summarized the package and the financing plan: "It defines our not to exceed amount of $67,000,000" and identified the collateral as the public-works campus. Matika also told the board, "we do not anticipate any tax increases as a result of this issuance," and said the county expects to appear before the Local Government Commission in September. The approving resolution named Piper Sandler as underwriter and noted the county is targeting a roughly 20-year term with an interest rate near 4%.

The initial resolution was moved by Commissioner Burrows and seconded by Commissioner Bateman; the board then moved the approving resolution and approved it as well. The chair opened a public hearing required for the approving-resolution step, received no public testimony and closed the hearing. Staff said draft documents were provided to commissioners and that final documents would be delivered in advance of the issuance.

Next steps: staff will finalize bond documents, return with any required contract signatures and proceed toward the LGC review and the anticipated early-October issuance.