News Update (1/13/02)

(The following press release is reprinted for the benefit of Cary residents . The proposed Cary bond package discussed herein may include funding for a performing arts center.)
 
PUBLIC INPUT SESSIONS ON CARY BONDS BEGIN TOMORROW NIGHT [January 14]
 
CARY, NC – The Town of Cary will hold the first of two identical public input sessions tomorrow night to answer questions and get feedback on the April 8th street and recreation bond referendum. The public input sessions begin at 6:30 p.m. in the Town Council Chambers, 316 N. Academy Street in downtown Cary. The second session will be held on Wednesday evening, January 15th.
 
The first hour of each session will be devoted to staff presentations. Following an update on the status of the 1999 bond funding and projects, staff will detail the current shortlist of street and recreation projects that could be funded with the ’03 bonds. They will also discuss the GO financing alternative and why it makes sense for these projects in Cary over the next seven years. After the presentations, staff will answer questions from the audience. At the conclusion of the question and answer period, those in attendance will be invited to visit each of the topic area stations located in the atrium where staff can discuss the bond issues one-on-one with them.
 
In addition to the public input sessions, Internet users will be able to go to the Town’s Web site to complete a new Web poll that offers them the chance to rate the level of importance they give to each potential project. At www.townofcary.org , select the SHORTCUTS menu, then Bonds. The Web poll opens tomorrow and closes on Groundhog Day. If you don’t have access to the Internet, you can have a hard copy of the poll mailed to you by calling (919) 469-4007.
 
Following the poll and public input sessions, Town staff will go back to the project shortlist to make any further necessary revisions before the issues goes to a formal public hearing before the Town Council on February 13th. At that meeting, Council is set to adopt the actual bond orders that will appear on the April 8th ballot.
 
Between February and April, Town officials will take their information on the road, making presentations to and getting feedback from members of Cary civic organizations, professional groups, and homeowner’s associations. Schedule a presentation today by calling (919) 469-4007 or via email at bonds03@townofcary.org.
 
Cary citizens last approved the use of GO bond financing in 1999 to support $139 million in improvements to the water system, parks, streets, and sidewalks. A dozen of those projects have been completed, and nine others are underway.
Voter authorization for governments to use GO financing is required by state law since the government must agree to use its ability to tax if necessary as collateral for the loan. The law does not require governments to use tax revenues to pay back the bonds, nor are governments required to raise taxes because of the bonds. The Town of Cary did not raise taxes after either its 1994 or the 1999 bond referenda. The potential tax implication of the 2003 bond is seven cents over seven years.
 
Visit the Bond Referendum Web section at www.townofcary.org for updated information and increasing detail about the ’03 election or call (919) 469-4007.