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Board of Commissioners Holds Public Hearings on General Obligation Bonds, Approves Resolution Setting Special Bond Referendum

a picture of a beautiful mountain sceneAt its June 7 regular meeting, the Buncombe County Board of Commissioners held public hearings on the proposed general obligation bonds for open space and housing. If approved by voters in November, the two bonds would:

  • Generate $30 million for the capital costs of acquisition and improvement of land or interests therein for conservation and protection of natural resources and preservation of farmland, including but not limited to, the development of greenways and trails for recreation purposes
  • Generate $40 million for investments in housing for the benefit of persons of low or moderate income, including construction of related infrastructure improvements and the acquisition of related land and rights-of-way

In conjunction with the public hearings, the Commissioners were briefed on potential oversight and transparency mechanisms including advisory boards, independent audits, transparency websites, and more.

Following the public hearings, the Board of Commissioners voted to approve the resolution setting a special bond referendum. Next, the language for the referendums will go to the Board of Elections in order to appear on the Nov. 8 ballot.

Background: At its April 19 briefing, the Board of Commissioners heard a feasibility study from the Trust for Public Land on a possible referendum to generate funding for housing and for conservation and protection of natural resources and preservation of farmland. Funded by the Merck Family Fund and the Doris Duke Charitable Foundation, the study shows support for $30 million of bond funds for open space, and $40 million of bond funds for housing. If approved by voters this November, a $30 million bond would cost typical households a maximum of $14 a year for 20 years, and a $40 million bond would cost typical households a maximum of $18 a year for 20 years. At its May 3 regular meeting, the Board of Commissioners approved three resolutions, which are required for the issuance of General Obligation Bonds in order to pursue the referendums.

To view the presentation, click here.                                            

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Updated Jun 16, 2022 05:05 PM
Published Jun 07, 2022 06:50 PM