Wake County commissioners and board of education members appear to be moving closer to asking voters to approve an $810 million school bond that would allow for the construction of 16 new schools in the next 10 years.
In a meeting Thursday morning, Commissioners Chairman Joe Bryan called the proposed bond – which would cost the average Wake County homeowner an extra $75 to $150 a year in property taxes – a “modest, reasonable plan” that needs to be “fine-tuned.”
Board of Education Chairman Keith Sutton agreed.
Bonds are sold by governments to raise money for capital projects, and they are repaid by taxpayers over time. A bond in the neighborhood of $810 million, combined with $130 million from the county, would allow the school system to build as many as 16 new schools, including 11 elementary schools, three middle schools and two high schools.
Six other schools would undergo major renovations.