General obligation bonds are a way that Holly Springs can borrow money for large-scale capital projects such as new roads and parks. These bonds require voters’ approval since the town will use long-term debt to repay the project costs.
One advantage of borrowing this way is that voters decide whether there is sufficient need for the project to be worth the expense.
Amount: $40 million authorized Description: Two categories of projects, which include fully bond-funded projects with shorter turnaround times (green projects) and larger projects that would require additional funding from the N.C. Department of Transportation or other sources.
Amount: $20 million authorized Amount Issued: $12 million Amount Remaining: $8 million Description: Construction of sports fields, greenways and outdoor recreational amenities