Mayor Sayre sent this letter to Treasurer Folwell earlier today in response to a citizen’s letter to the Treasurer regarding the Village’s debt projections. In addition to this letter, the Village has prepared this supplemental information highlighting the Village’s current debt service, proposed debt service, and potential debt service which shows the Village has sufficient debt capacity to manage the acquisition and future operation of the Bald Head Island transportation system.
In his letter, the mayor explained that the Village will be using transportation system revenue to pay the debt and will be capable of responding to a crisis through modest tax increases. He indicated that using the Village’s tax base to offset unexpected expenses is far better than increasing rates and reducing services for all transportation users.
For details on Friday’s public hearing on the bond order authorizing the issuance of $54,000,000 in public transportation bonds, view the Village’s recent announcement HERE. For more documents pertaining to the acquisition of the transportation system view the Village’s webpage HERE.