Question 2 - Community College Bonds Referendum

Additional property taxes may be levied on property located in Johnston County, North Carolina in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. Shall the order authorizing up to $30,000,000 of General Obligation Community College Bonds of Johnston County, plus interest, to finance, in whole or in part, the acquisition, construction, installation and equipping of modifications, renovations, additions, improvements and extensions to existing community college facilities and/or one or more new buildings, plants or other community college facilities for Johnston Community College including, without limitation, the acquisition of land, easements and rights-of-way, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds, be approved; in light of the following: (1) The estimated cumulative cost over the life of the bonds, using the highest interest rate charged for similar debt over the last 20 years would be $46,833,600, consisting of the $30,000,000 principal amount of the bonds plus $16,833,600 of estimated interest. (2) No property tax liability increase is anticipated to be required to provide sufficient funds to pay principal and interest on the bonds over the life of the bonds because the existing projected revenues are expected to be sufficient to pay the principal and interest on the bonds over the life of the bonds.