Frequently Asked Questions
About the November 6, 2018 Bond Referendum
Q: What is a bond and why do we need one now?
A. Local and state governments borrow money for various reasons and sell bonds to investors as the means of borrowing. The bonds are promises of the government to repay the investors the amount of the bonds that were sold, and a certain percentage of interest as well. Johnston County needs to build new schools, enlarge, and repair existing schools, and we need to sell bonds to pay for this work.
Q: How much is this bond worth?
A. $61 million for Johnston County Public Schools and $15 million for Johnston Community College.
Q: Why should I vote for the bond?
A. Bonds allow governments to finance the cost of building over a long period of time, much like the financing of a home mortgage. Johnston County is very secure financially and can afford to pay off the bonds without a tax increase. If the people do not pass the bond, then the county commissioners will have to use other means of funding the buildings, which will be short term and require a property tax increase.
Q: Do taxpayers pay the interest on the sale of the bonds?
Q: How long will it take to pay the bond debt?
A. The time it takes to pay off the bond debt is directly linked to how much the county can afford to pay back year by year and also how high the interest rate is at the time of the sales. The pay back could be 15, 20, or even 30 years depending on the financing package.
Q: Will my taxes increase as a result of the bond commitment?
A. No. Johnston County Commissioners have stated that with the present and predicted property tax funds being collected there is no need for a tax rate increase to pay back this money.
Q: Will my property be re-evaluated as a result of the bond?
A. No. The state requires the counties to re-evaluate all property at least every 8 years whether there is a bond referendum or not.
Q: What will the bonds buy?
A. The funds generated from the sale of the bonds will go to construct the projects as they appear on the official bond list.
Q: What will happen if the bond referendum doesn’t pass?
A. Johnston County Public Schools is currently growing at a rate of one school per year. 200 mobile units are currently at school sites across the county. We will continue to grow out of capacity of our buildings and will not be able to maintain meeting the facility needs of our students.
Q: How long does it take to build a school?
A. The design process, purchasing and prepping of land can take up to a year and then another year for construction.