In November 2006, voters approved a $970 million bond for school construction.
Voters were asked to consider these facts:
- Wake County MUST build schools for more than 7,500 new students per year, whether the bonds passed or not.
- Compared to other finance methods for a $970 million building program, voter-approved General Obligation School Bonds will save taxpayers $56 million.
- Bonds are a way to borrow money immediately to finance schools over a long period of time and at the lowest cost to taxpayers.
- Bonds are a way for current and future residents to share the cost of schools over time.
- Wake County’s superior AAA credit rating earns us the lowest interest rates on bonds.
Costs of New Schools
Wake County is projected to collect from the lottery $9 million a year for school construction. That doesn't cover half the cost of construction and land for one elementary school. Speaking of costs for new schools:
- It costs approximately $25 million for land, construction and equipment of a new 800 (1,124 on a YR calendar)-student elementary school opening in 2009–2010.
- It costs approximately $46 million for land, construction and equipment of a new 1,311 (1,623 on a YR calendar)-student middle school opening in 2010–2011.
- It costs approximately $79 million for land, construction and equipment of a new 2,223-student high school opening in 2010–2011.