FORSYTH COUNTY — The Forsyth County commission continued its ongoing discussions about funding methods, including future 1-cent sales tax money, for a potential transportation bond Tuesday.
In August, commissioners signed off on adding a referendum question to the Nov. 4 ballot that will ask voters if they want a general obligation bond for up to $200 million in road improvements.
During a work session, the commission contemplated possible funding sources for the bond.
After some discussion, it was agreed that County Attorney Ken Jarrard would draft a resolution for officials to review Sept. 23.
“What I’m going to focus on is your statement of intent that, should [the next 1-cent sales tax extension] be successful, the first $100 million [of that] will be committed to [paying down the bond],” Jarrard said.
If approved in November, the transportation bond would generate up to $200 million for various road projects throughout the county.
The bond mechanism would allow the county draw down funding as needed for the various projects.The remaining balance, after the portion paid by 1-cent sales tax funding, would likely fall to property taxes for repayment.
The sales tax extension has not been approved by voters and the current commission cannot bind a future one to use those funds to repay the bond. However, it can formerly suggest that move.