The Chapel Hill Town Council voted unanimously on Monday to put a bond referendum on the ballot in November.
Business Management Director Ken Pennoyer told the Council the bond will not require a property tax rate increase because the town’s debt fund already has the capacity to repay the debt.
“Although it is stated as 3.8 cents, that 3.8 cents will actually be provided by the debt management fund, and no increase is anticipated based on the referendum bonds,” said Pennoyer.
The package will total $40.3 million, with funding going to streets, sidewalks, greenways, stormwater improvements, recreation facilities and a new waste transfer station.
The resolution is the first step in the referendum process. It sets the maximum dollar amounts and assigns general purposes for the money.
Moving forward, the Council can delete projects or reduce the dollar amounts, but not add new projects or reassign funding.
A public hearing on the bond referendum is scheduled for June 22.
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