Governor McCrory Discusses Connect NC Bond Investments At UNC Charlotte

Published: Friday, October 23rd, 2015 @ 12:03 pm
By: McCrory Communications ( More Entries )

Press Release:

Charlotte, N.C. Governor Pat McCrory visited UNC Charlotte today to discuss the$2 billion Connect NC bond package that will invest in education, parks, National Guard facilities and water and sewer infrastructure across the state. Of that amount, nearly $135 million of investments included in the Connect NC Bond Act are slated for southwest North Carolina. The people of North Carolina will have the opportunity to vote on the bond package in March.

"Our strong economy and excellent quality of life will ensure North Carolina will continue to be one of the fastest growing states in the country," Governor McCrory said. "The Connect NC bond investments in our state's infrastructure will help North Carolina prepare for and manage growth, instead of reacting to it."

If approved by voters, the bond will provide $90 million for a new 170,000-square-foot sciences building at UNC Charlotte with instructional laboratories and classrooms for chemistry, physics and biology. The current science building at the university has not been renovated in 30 years. This facility will help meet the increased demand for science instruction at UNC Charlotte and the demands of Charlotte employers seeking highly skilled employees in healthcare, sciences, energy, engineering and advanced manufacturing.

Bond proceeds will also contribute to repairs and renovations at seven community colleges and three state parks in the region.

It's been 15 years since the last bond investments were authorized to upgrade North Carolina's infrastructure. In that time, North Carolina has grown by 2 million people in population and the U.S. Census Bureau projects the state will continue to experience healthy population growth for the foreseeable future.

If approved by North Carolina voters, the Connect NC bond will allow the state to pay for buildings and other assets with a service life of 50-years or more with long-term financing. No tax increases are necessary to finance the bond, given N.C's strong revenue growth and ample debt service capacity.

North Carolina is one of only 10 states with AAA credit rating from all three major ratings agencies. This top credit rating saves North Carolina taxpayers millions of dollars and will not do anything to jeopardize the AAA credit rating. Because North Carolina is paying off its existing debt rapidly, the state's overall debt levels will not increase with this new bond.