Agenda - 10-18-1977 - Laserfiche WebLink

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- 00i\ID's F4 R- THE $30010001000 IN ADDIT IOIN R E_0 0Jai i 1 =1 1D iE__ HIGHWAY Five thousand of . ^ OOO �ridges need major improvement or replacement. PUTTING SOND Highway bonds have been issued many North Carolina's 75,000 miles of state- times before in North Carolina and have maintained roads have some pressing IVIOEY TO WORK proven to be agood investment.The Statct NI needs.The sale of highway bonds has been has achieved a AAA credit rating fCr its a traditional and practical way to obtain}m- Approval of the$300,000,000 bond issL€e bonds and can borrow money at the ends,lowest mediate funds for new construction,safety would allow an additional$60,000,000 a passible interest rates. By selling improvements and relocation of roads, ear,for_the next five years,to be spent on money can be obtained to met highway bridges and other needed highwayfacili- y North Carolinas highway Prolec- needs now, increased solo thereby tion costs i€ater�€R�:corcis ties. led revenue from State and F Revenue from bond sales will enable the to reve , over the next five years, provide sliow that since 1067,highway construction State to continue in its effort to connect the es Would,billion in funds to address these costs have doubled. PORTS to the PIEDMONT and MOUN- > highway needs.That figure, if bond TA1t�lS, and to complete a unified transpor- roved,would increase to X1.3 ��,y. t, issue is app O i I ' z tation corridor system.The ultimate goal is billion to meet needs over the same five -%Ll = to provide adequate roads for the move- year period. TAXES ECES-S y'Ily ment of people and goods across our State Y [� _r from north to south and from east to west. There is also a need to be sure money is According to Department of Transports- available to match federal-funds as they be- tion studies.there are 16,400 miles of North come available to the State.The it Carolina roadway in need of improvements $300,000,000 will not meet all these needs The Bond Prograrn will not recta€ire any ranging from providing missing lin4ts and buy the n making will mosot de a good begin- lghway addi#ions!State gasoline tax?The�c Governor widening to major resurfacing.A general n r3 and the Department of Transportation feel upgrading of the system is necessary to €Over the next live year s,$175,000,000 that more taxes aren't the an-e-Wer to nigh- maintain safe roadways for the motoring would be used for primary roads, way revenue problems at this time.One public. 000,000 far secondary roads, and cent of the 9-114 cents in State tax no��, X75, paid on each gallon of gas is presently allo- Arecent highway needs summary con- $50,000,000 for the urban toad system, ducted by the Department placed the cost Ten percent of the total bond issue worild sated for payment ei debt.This was estab- of meeting these needs at$7 billion. lisi�ecf with the voter-afaurcvecl 1�J66 h€chi}- be allocated for bridge repair and replace way construction bona act.This one cent ment identified on each of these three will continue to pay Off the 1965 bonds.and MILES OF systems. would also allow financing of the new ROAD TOTAL 1MpROVEIVIENT Because highway construclio€ casts are $300,000,000 issue. DEDED increasing and anticipated gas tax reve- SYSTEM- MILES ytrustfunds, nues,which g � a Primary 12,000 7, 100 have leveled off, bonds Would I rovicie tl}e Secondary 69,000 9,000 funds to continue needed read improve- Urban 4.000 300 ments.