To fund the major capital needs of the County, such as schools, and other public facilities, the County will be issuing debt. The types of debt the County has issued are General Obligations, Certificates of Participation, Special Obligation Bonds, Revenue Bonds, and Installment Purchase Agreements.
General Obligation Bonds
General Obligation Bonds are authorized by Article 4, NCGS 159. These bonds are approved by a vote of the citizens. These bonds are collateralized by the full faith credit and taxing power of the County.
Certificates of Participation & Installment Purchases
Certificates of Participation and Installment Purchases are authorized by NCGS 160A. These obligations are issued pursuant to a deed of trust. Therefore, the item financed is used as collateral for this debt.
Special Obligation Bonds
Special Obligation Bonds are authorized under the North Carolina Solid Waste Management Loan Program, Chapter 159I, of the NCGS. These bonds are secured by a first lien on the revenues of Solid Waste Funds.
Revenue Bonds are authorized by Article 5, NCGS 159. These bonds are collateralized by the revenues of the program. At the present time the County has no revenue bond debt.