BOND ORDER AUTHORIZING THE ISSUANCE OF $7,300,000 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE TOWN OF HOLDEN BEACH, NORTH CAROLINA
WHEREAS, the Board of Commissioners (the “Board”) of the Town of Holden Beach, North Carolina (the “Town”) has ascertained and determines that it is necessary to finance the capital costs of the demolition and removal of the existing pier and construction of a new pier, including any improvements related thereto; and
WHEREAS, an application has been filed with the Secretary of the Local Government Commission of North Carolina (the “Commission”) requesting Commission approval of the General Obligation Public Improvement Bonds hereinafter described as required by the Local Government Bond Act, and the Town Clerk has notified the Board that the application has been accepted for submission to the Commission.
NOW, THEREFORE, BE IT ORDERED by the Board of Commissioners of the Town of Holden Beach, North Carolina, as follows:
Section 1. To raise the money required for the purposes described above, in addition to any funds which may be made available for such purpose from any other source, General Obligation Public Improvement Bonds of the Town are authorized and shall be issued pursuant to the Local Government Finance Act of North Carolina. The maximum aggregate principal amount of such General Obligation Public Improvement Bonds authorized by this order shall be $7,300,000.
Section 2. Taxes will be levied in an amount sufficient to pay the principal and interest of the General Obligation Public Improvement Bonds.
Section 3. A sworn statement of the Town’s debt has been filed with the Town Clerk and is open to public inspection.
Section 4. The bond order will take effect when approved by the voters of the Town at a referendum scheduled for November 4, 2025.
The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of the Town of Holden Beach, North Carolina to be $2,452,110,770 and the net debt thereof, including the proposed bonds, to be $ 12,639,326. The finance officer of the Town of Holden Beach, North Carolina has filed a statement estimating that the total amount of interest that will be paid on the bonds over the expected term of the bonds, if issued, is $4,286,345. A tax is authorized to be levied to pay the principal of and interest on the bonds if they are issued. The finance officer has filed a statement estimating that a property tax increase of $0.0316 per $100.00 of assessed valuation will be required to provide sufficient funds to pay the principal and interest on the proposed bonds. These estimates are preliminary, are for general informational purposes only, and may differ from the actual interest paid on the bonds or the actual property tax increases required to provide sufficient funds to pay the principal and interest on the bonds.
Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at the Town Hall Public Assembly, 110 Rothschild Street, Holden Beach, NC 28462, at 5:00 p.m., or as soon thereafter as practicable, on Tuesday, August 19, 2025. An additional public hearing is scheduled for Saturday, August 16, 2025 at 11:00 a.m. in the same location.
Any person wishing to comment in writing should do so by submitting comments to Town Hall, 110 Rothschild Street, Holden Beach, NC 28462, Attention: Town Clerk, or heather@hbtownhall.com. Written comments must be submitted between the date of publication of this notice and 24 hours before the public hearing.
