Cabarrus issues bonds

March 23. Cabarrus County has issued $73.785 million in limited obligation bonds to fund the construction and site work costs of three schools. Construction of Royal Oaks Elementary, Mount Pleasant Middle and Kannapolis Middle schools will begin on April 1 and the sites will open on or before October 2017. The average interest cost is approximately 2.84% over the 20-year term of the bonds. Cabarrus County Board of Commissioners held a public hearing on the limited obligation bonds at its February 15 meeting. As part of the bond sale process, Standard & Poor’s, Moody’s and Fitch rating agencies reviewed Cabarrus County’s bond ratings. The agencies reaffirmed the County’s strong general obligation bond ratings of AA+/Aa1/AA+ and limited obligation bond ratings of AA/Aa2/AA, respectively.


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