Raleigh – The town of Holly Springs has plans for an ambitious expansion of its parks and recreation offerings, and the Local Government Commission (LGC) gave them a boost by approving $100 million in general obligation bonds to pay for the work.
The population of the Wake County town has more than doubled, from 24,661 in 2010 to an estimated 49,417 in 2024. To keep pace with sufficient leisure amenities, the town held a public referendum in November 2023. Voters approved the funding with 63.37% of the vote. Public approval is necessary for a local government entity to issue general obligation bonds.
The town plans to use bond proceeds to build the 56-acre Cass Holt Road Park, which may include a splash pad, athletic fields and courts, a skate park, picnic shelters, playground, trails and a 93,000-square-foot indoor recreation center. Womble Park is a proposed facility with outdoor courts and baseball dugout replacement, and Sugg Farm could include an event pavilion and additional greenway connections.
The LGC approved financing Tuesday, Jan. 9, for multiple public projects on the meeting agenda that totaled nearly $320 million in financing. Population and customer growth were cited for several of the projects.
The LGC is chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST). It has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.
Beech Mountain (Avery and Watauga counties) received the OK to issue $15 million in general obligation bonds. The town plans to us proceeds to pay the capital costs of improving the town’s water system, including building a reservoir and a pumping station as a secondary source of water. Aging, leaking water and sewer lines will be replaced. A tax increase of 11 cents per $1,000 of assessed property is planned to pay for the work. The referendum was passed by 84.7% of voters in November 2023.