Newspapers / Fayetteville State University Student … / Oct. 1, 1993, edition 1 / Page 1
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The Bfonc^ VOL. 1 voi OCT. 1993 FACTS YOU SHOULD KNOW ABOUT THE NORTH CAROLINA BOND ISSUES REFER ENDUM On November 2nd of this year, North Carolinians will vote on four pubUc-facil- ity bond referendums: *310 million of University Improvement Bonds •$250 million of Community College Bonds •145 million of Clean Water Bonds •35 million of State Parks Bonds Below are facts as to how the UNC "Universtiy Improvement" Bonds will benefit all North Carolinians. FACT: Curently, Fayetteville State Uni versity can only house 1,000 of its 4,000 students on campus. Passage of the Uni versity Improvement Bonds will appro priate $9.5 million to FSU to build new dorms and renovate old dorm space to accommodate our rapidly growing stu dent enrollment. In addition to FSU, all other 15 cainpuses, as well as the nine Area Health Mucation Centers, the state wide network of the UNC Center for I*ublic Television, the North Carolina Arbortum, and the Norht Carolina School of Math and Science will receive capital funds if the UNC bond referendum passes. FACT: The multi-campus University of North Carolina is nationally recognize as one of the most outstaixiing public higher education systems in the United States, greatly benefiting our state's economy. Out-of-state employers are attracted to North Carolina by the groundbreaking research conducted by the UNC system graduates who make first-rate employ ees, and by the 16 campuses throughout the state that offer affordable education to employees and their families. FACT: Passage of the University Bond issue will allow the nation's oldest state university system to meet the future needs of its 16 campuses and affiliated organiza tions and to maintain the high c^lity that North Carolinians expect, the University project* will serve all citizens of the state. FACT: Research by the Bureau of Eco nomic Analysis of tne U. S. D^artment of Commerce shows that each ]il million of new construction in North Carolina creates about 36 jobs. On that basis, passage of the $J10 million University Improvement bond referendum will cre ate more than 11,000 new jobs through out the state. FACT: From 1989 to 1991, no ground was broken on a UNC building financed with state appropriations. Only five build ings have been approved by the legisla ture since 1992. Meanwhile, crowding has become more acute on fast-growing campuses, and deteriorating facilities on older camwses have become more of a problem. In dollar terms, the total appro priated during this five-year period tor new construction was $75 million, whereas the capital needs presented by the UNC Board of Governors since 1989 amounted to $644 million. In the same period, enrollment at the 16 UNC cam puses has grown by some 16,400 stu dents. FACT: In the five years before the bud get crunch, the state was apprwriating about $75 nullion annually for UNC capi tal needs. This money typically came from funds left over each year after the state’s operating needs were met. During the budget squeeze, there were no leftovers. Now there is a backlog of capital needs that can best be met by borrowing. It makes sense to pay down the debt as we use the new and refiirbished facilities. FACT: Just as now is an excellent time to buy a home or to refinance a mortgage, now is also an excellent time to finance long-deferred building and renovation projects on UNC campuses. Interest rates are at their lowest levels in more than two decades. FACT: This is also an econotmcal time to build. The construction industry has been hit hard by the real-estate recession, and bids should be favorable, reflecting con tractors’ eagerness for business. FACT: Because our debt is so low, issu ing bonds will not harm North Carolina’s excellent credit rating. Our state is one of only four in the nation given the highest rating (tripIe-A) by Moody’s, Standard & Poor s, and the Fitch ratings services. The high rating keeps the state’s borrow ing costs low. FACT: The projected debt service (pay ments for interest and principal) on all of the proposed bonds would Ekely be less than 1 percent of the state’s General Fund budget. State Treasurer Harlan Boyles and other experts believe the state can meet the debt service on the bonds in future years without an increase in state taxes. FACT: The North Carolina General As sembly overwhelmingly approved put ting these bond refererSums on the ballot, with only one dissenting vote. FACT: The bond proceeds will be used for investment in North Carolina’s eco nomic future and to improve the quality of life in our state for many years to come. Individuals pictured above are Trudy Fields, President - FSU SGA; Thomas I. St^rs, Chairman - Bond Issue Committee; FSU Chancellor L. V. Hackley; C. D. Spangler, Jr., President - UNC System.
Fayetteville State University Student Newspaper
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Oct. 1, 1993, edition 1
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