The North Carolina General Assembly has recently made amendments to the format of the ballot question that local governments need to use to obtain voter approval for general obligation (GO) bonds, according to a post by McGuireWoods LLP. This change signifies the first significant revision since 2013.
The revisions are encapsulated in Section 36.3.(a) of North Carolina’s biennial budget, formally referred to as S.L. 2023-134. Local governments contemplating acquiring voter consent for GO bonds in 2024 and onward will be obligated to comply with these new requirements enshrined in the said section.
General obligation bonds typically allow governments at various levels to raise funds for public projects. Local governments seeking approval for these bonds will now need to adapt to the updated ballot question format, as approved by the General Assembly.
While current specifics of the revisions are not explicitly listed, expecting local governments to adapt could present challenges initially. However, it does also herald an opportunity for governments to reassess their bond approval strategies in line with the updated requirements.