BRADENTON, Fla. - North Carolina Gov. Pat McCrory won a two-fold victory for bonds and his own reelection bid in Tuesday’s primary election.
Voters across the state overwhelmingly supported the Republican governor’s $2 billion general obligation “Connect NC” bond proposal, casting 65.55% of their votes for the initiative, according to the State Board of Elections.
“North Carolina has sent a message to the nation that people can come together and work to pass a bond package that will benefit future generations,” McCrory said.
McCrory shepherded the financing plan through the GOP-led Legislature last year, allowing voters to decide its fate. He has crisscrossed the state to sell it ever since.
More than half of the bond proceeds will fund higher education projects, while the remainder will pay for local water and sewer, state agency and National Guard projects.
State Treasurer Janet Cowell said North Carolina can easily issue the general obligation bonds, with debt capacity to spare over the next decade, while maintaining the state’s AAA ratings.
Cowell said in a debt study this year that the $2 billion of GOs likely will be issued in four tranches of 20-year bonds could be issued beginning as early as this July.
“I want to thank the voters for saying yes to education, yes to strengthening our National Guard, yes to improving our quality of life by investing in our state parks, and yes to our smaller cities and towns for infrastructure that attract new jobs and strengthen our economy,” McCrory said late Tuesday as he clinched the GOP nomination for reelection.
McCrory, the long-time mayor of Charlotte, is seeking his second term as governor. On Tuesday, he bested two Republican challengers by a landslide with 81.8% of the primary vote.
Attorney General Roy Cooper defeated one challenger on the Democratic ticket for governor winning 69% of the votes.
The two will face each other on the Nov. 8 ballot.
