The largest share comprises 49 percent of the total bond, or $980 million, and would be allocated to the UNC system. The second largest share at 17 percent, or $350 million, would go to community colleges. Other projects include improvements to state and local parks, national guard facilities and sewer and water infrastructure.
Chris Sinclair, the Republican consultant for the Connect NC Bond Committee, said the last bond of this type was put up for a vote and approved in 2000, and projects for the new bond were chosen by the legislature based on state priorities and needs.
“Since that time, North Carolina has added two million people to our state population, so it’s a function of what can we afford and what do we need,” he said.
Brad Crone, the Democratic consultant for the committee, said the state has been borrowing money through bonds since 1841. He said state revenue and increased debt service capacity means changes in taxes would not be necessary to pay back the bond.
“The life of the buildings that are going to be built, for example the medical science building at the University of North Carolina at Chapel Hill, will have a life span of 50 years,” he said. “We will pay the bond back over a 20-year period of time.”
State Treasurer Janet Cowell said in a statement that North Carolina’s “AAA” bond rating makes the bond a sound investment.
For UNC-CH, the bond plan allocates $68 million for a building to replace Berryhill Hall, a medical school building opened in 1970. Total costs for the project are estimated to be $90.6 million, with $22.6 million to be raised from other sources.
“The Connect NC Bond would invest in critical facilities at UNC’s School of Medicine that will increase Carolina’s ability to save lives and make a meaningful impact in all 100 counties of our state,” Chancellor Carol Folt said in an online statement.