The Facilities Master Plan identified significant school capital needs that must be addressed in the upcoming years. The Guilford County Board of Commissioners, in partnership with the Guilford County Board of Education, have committed themselves to identify sources of funding to immediately begin addressing some of the district’s more critical facility needs.
A bond is a
funding option that is typically used for construction or renovation of buildings, land purchases and significant building upgrades or improvements. Bonds are generally issued for a 15-to-20 year period (similar to a mortgage) and the county (the borrower) must pay this funding back to the lender, with accrued interest.
Additionally, during its May 21, 2020 regular meeting, the Board of Commissioners adopted a
resolution to place a one-quarter cent (¼¢) local sales and use tax option on the ballot and designated it as an alternative source of funding for school construction needs. Revenue generated by the one-quarter cent (¼¢) sales tax would aid the county in funding all phases of the Facilities Master Plan, but it doesn’t cover all needed funding.
In line with the phased, prioritized approach of the Facilities Master Plan, the Guilford County Board of Commissioners chose to adopt a phased approach for funding. If voters approve the $300 million bond referendum included on the 2020 ballot, this funding can be used to begin Phase 1 of the Facilities Master Plan. As projects are completed, county leaders can utilize revenue from the one-quarter cent (¼¢) sales tax (if approved) and seek additional funding through future bond referenda, if needed, to address future phases of the plan.
