CITY OF NEW BERN STORMWATER 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 $6,000,000 STORMWATER BONDS of the City of New Bern, North Carolina, plus interest, for the purpose of providing funds, together with any other available funds, for acquiring, constructing and equipping various improvements to said City’s natural and structural stormwater and drainage system, including, without limitation, erosion control, drainage, culverts, outfalls 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 $9,366,720, consisting of the $6,000,000 principal amount of said bonds, plus $3,366,720 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 $4.90 per year.
