CITY OF NEW BERN STREET AND SIDEWALK BONDS REFERENDUM
Additional property taxes may be levied on property located in the City of New Bern, North Carolina in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. Shall the order adopted on July 8, 2025, authorizing not exceeding $10,000,000 STREET AND SIDEWALK IMPROVEMENT BONDS of the City of New Bern, North Carolina, plus interest, for the purpose of providing funds, together with any other available funds, for constructing, reconstructing, widening and improving streets and sidewalk improvements for said City, inside and outside its corporate limits, including, without limitation, the construction, reconstruction and installation of sidewalks, landscaping and streetscaping, lighting, bridges, bicycle lanes, curbs and gutters, culverts and drains, traffic controls and other transit improvements, and the acquisition of any related land, rights of way and equipment, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds, be approved, in light of the following:(1) The estimated cumulative cost over the life of said bonds, using the highest interest rate charged for similar debt over the last 20 years, would be $15,611,200, consisting of the $10,000,000 principal amount of said bonds, plus $5,611,200 of estimated interest.(2) The estimated amount of property tax liability increase for each one hundred thousand dollars ($100,000) of property tax value to service the cumulative cost over the life of said bonds provided above would be $15.10 per year.
