The Council of State unanimously approved a resolution today for the issuance and sale of $200 million in bonds to support the Connect NC investments in our state’s education, parks, National Guard, and water and sewer infrastructure. This is the first issuance of the $2 billion Connect NC Bond introduced by Governor Pat McCrory and overwhelmingly passed by voters in March.
“Today is a major milestone in realizing the vision we laid out through Connect NC to prepare for future growth in a financially responsible way,” said Governor McCrory. “As we are now the 9th most populous state and one of the fastest growing states in the country, future residents, students and families throughout North Carolina will benefit from our leadership and action taken today.”
The vast majority of the $200 million approved today, or 87 percent, will support projects at our universities and community colleges. Additionally, 52 percent of bond investments in year one will support construction. The remaining money will be used for the planning of future construction projects.
Similar to the Higher Education Bonds passed in November 2000, the Connect NC Bond will be issued over a seven-year period with the vast majority distributed in the first four years.
The $200 million approved today will be available for sale on the market by late July. Projects selected to receive funds in the first issuance were chosen based on agency assessments of most urgent needs. For a complete list of investments supported in year one, click here.
About Connect NC
The Connect NC bond will invest $980 million into the state’s 17 universities. The vast majority of these improvements will build facilities that will improve teaching and research in the science, technology, engineering and medical fields. An additional $350 million will go to the community colleges, primarily for new construction, repairs and renovations on its 58 campuses.
Another $309.5 million will be awarded to smaller cities and towns to build and repair water and sewer systems. These investments are crucial to retaining and attracting new jobs outside of the state’s metro areas.
Agriculture and consumers will also benefit from Connect NC. Approximately $94 million will be spent to construct a new Agriculture and Consumer Sciences Lab for veterinary, food, drug and motor fuel testing. An additional $85 million will go toward a new Plant Sciences Research Complex at NC State University.
The National Guard will receive $70 million to rehabilitate Regional Readiness Centers in Burke and Wilkes counties as well as construct a new readiness center on Guilford County. Another $9 million will go toward the completion of the Samarcand Corrections and Law Enforcement Training Center in Moore County.
To improve North Carolina’s quality of life and help preserve the state’s environment and natural beauty, the Connect NC bond will invest $75 million into our state parks. An additional $25 million will go the North Carolina Zoo for upgrades to service support facilities, trails and exhibits.