Bond Referendum 2023
Wendell residents enjoy the small town charm and great quality of life. As more people come to Wendell, Town leaders seek to make smart, fiscally-responsible public investments to keep Wendell on the right path. As part of this strategic effort, the Town Board of Commissioners decided to give Wendell residents the opportunity to vote on two bond questions on November 7, 2023, that would authorize the Town to issue up to $50 million in Parks & Recreational Bonds and Transportation Improvement Bonds.
This is the most fiscally responsible type of debt financing for large capital projects available to the Town as compared to bank loans.
Bond Amount: $38 million
Funding will be used to acquire, construct, improve, and expand parks, greenways and recreational facilities.
Potential Projects:
- Wendell Athletic Field Complex
- New Recreation Center
- Buffalo Creek Greenway Project
- Main Street Greenway Project
Bond Amount: $12 million
Funding will be used to acquire, construct, extend, widen, resurface, install and improve streets and sidewalks, and other general transportation improvements.
Potential Projects:
- Wendell Falls Parkway & Eagle Rock Road Intersection Project
- Road Widening
- Bike & Pedestrian Improvements
- Intersection Improvements
Bond Referendum Presentation
Frequently Asked Questions
What is a bond referendum?
A bond referendum is a voting process that gives voters the power to decide if a municipality should be authorized to raise funds through the issuance of general obligation (G.O.) bonds. A G.O. bond is a form of borrowing in which a municipality pledges its full faith and credit (taxing power) to repay the debt with interest over a specified term. G.O. bonds are generally the least costly financing option available to the Town for funding these projects.
Can I vote for one bond question, but not the other?
Yes. There will be two separate bond questions: Parks & Recreation Bonds and Transportation Improvement Bonds.
If the bonds don't pass in November, does that mean the projects will not be completed?
Not necessarily. Some projects may be postponed or eliminated. During the capital and operating budget process, operational expenses are calculated, and remaining funds are left for capital improvements. For projects in design, other sources of funding would have to be identified to complete construction.
What is the total tax rate implication for the bond referendum?
If voters choose to invest in both bond issues, which total $50 million, and based on current financial projections, the property tax impact could be increased up to 6.9 cents per $100 of assessed property value. Historically, the Wendell Town Board of Commissioners has tried to minimize the tax impact by utilizing growth in revenues and staggering projects into phases. The timing of the debt issuances for the projects is expected to be spread out over 7 years.
General Obligation Bond Referendum and Capital Planning Discussion Materials