General Obligation Bonds

  1. Overview
  2. FAQs

In November 2017, voters in the Town of Davidson approved issuance of up to $15 million in General Obligation (GO) bonds in for mobility, greenways, and parks and recreation projects. In addition, voters approved $6 million in funding for mobility/transportation, $5 million for greenways, and $4 million for parks & recreation. More information about these projects is available here.

In November 5, 2019, voters in Davidson approved a referendum concerning $14 million in funding for public facilities. More details on this project may be found here.

In June 2021, the Town of Davidson issued its GO bonds after receiving a AAA bond rating from Standard & Poors and a Aa1 bond rating from Moody's.

In October of 2023,  the Town issued $5.135 million in voter approved General Obligation (G.O.) bonds. The G.O. bond referenda were approved in 2017 and 2019. The proceeds from this borrowing will fund the following six (6) projects

Round-about at Davidson Concord Road and Robert Walker Drive (Grant Match)             $675,000

Potts/Sloan/Beaty Project – Pedestrian Safety                                                                        $575,000

Plum Creek Park – Pickleball Courts and Shelters                                                                  $520,000

Greenway from Fisher Farm to Rocky River Road                                                                  $2,145,000

Public Facilities:

            Gymnasium at 251 South Street Renovation                                                               $1,050,000

            251 South Street Roof Replacement                                                                             $170,000

In conjunction with the 2023 issuance, the Town requested an update of the bond credit ratings.  Standard and Poor’s (S&P) affirmed the AAA rating, and Moody’s upgraded the Town to Aaa. The bonds will be repaid over 20 years and will be issued with an interest rate of 4.1%.

Update on 2017 GO Bonds Projects

At the Davidson Board of Commissioners meeting on Tuesday, April 13, 2021, town staff provided an overview of the 2017 General Obligation Bonds projects. The projects include greenways, parks and mobility improvements. Information is provided on the project scope, budget, and timeline. The presentation may be found here.

Update on 2017 and 2019 GO Bonds Issuance

At the Davidson Board of Commissioners meeting on Tuesday, April 13, 2021, Finance Director Piet Swart and partners Scott Leo, Bond Counsel at Parker Poe Adams & Bernstein LLP and David Cheatwood at First Tryon Advisors provided an update on the status of issuing $17.5 million voter approved general obligation bonds in June 2021. The bonds approved by voters in 2017 will fund mobility, greenway, and parks projects. The 2019 voter approved bonds will fund the renovation of 251 South Street as the new Town Center and Town Hall as well as the renovation of the current Town Hall to a Public Safety headquarters. The presentation included a timeline of activities, the bond rating process, a summary of the total bond issuance, and financial model information. The full presentation may be found here