SALISBURY — The Rowan County Board of Commissioners will hold a public hearing during its upcoming meeting on Monday on the financing through limited obligation bonds of the new school project, new roofs for various county schools and an addition to Fred L. Wilson Elementary School in Kannapolis.

The total cost of all of the projects is estimated to be $73 million, according to the agenda item.

Unlike general obligation bonds, which are repaid through increased tax revenue and are typically required by N.C. General Assembly to be passed through voter referendum, limited obligation bonds must be paid through already present general fund revenues and can be approved by the legislative body, in this case the commissioners.

“The proposed financing is preferable to a general obligation bond financing for the same purpose because of the cost and time required to hold a referendum, and because the new school project is ready to begin construction, the design and bidding of the roofing projects is expected to be substantially completed by December 2024, and the Wilson Elementary Project has been bid and begun construction,” states the proposed resolution in the agenda packet.

The resolution also states that taxes would not need to be increased to under the proposed financing.

If the resolution is approved, the issue would be presented to the Local Government Commission, part of the North Carolina Department of the State Treasurer, for consideration and potential approval.

As part of the process, the commissioners will also consider approval of underwriters as the county’s financial advisor, First Tryon, has advised that the bonds be sold as limited obligation through a public sale process due to the “size of the aggregate transaction and current interest rate environment.”

The meeting is scheduled for 3 p.m. on Monday and will be held at the Rowan County Administration building located at 130 W. Innes St. in Salisbury. The other agenda items that will be discussed include:

• The commissioners will recognize the East Rowan boys baseball team.
• The commissioners will hear an update from Vaya Health, the Medicaid provider for Rowan County citizens, about changes to how Medicaid coverage is being provided to residents, including “tailored” plans.
• The commissioners will hold a public hearing on the naming of two roads. Both are currently unnamed driveways. One is in the 11000 block of Shinn Road and is proposed to be Compton Drive and the other is in the 8600 block of Smith Road and is proposed to be Friendship Lane. Each is required to be named due to having plans for a third residence being connected to it.
• The commissioners will hear about citizens who applied for membership of local advisory boards and potentially approve their appointments.