CONCORD, N.C. — The Cabarrus County Government issued $73.785 million in limited obligation on March 10, to fund the construction of three new schools in Cabarrus County.
The bonds carry a 20 year term and the average interest rate is 2.84% over that period .
The construction of Royal Oaks Elementary , Mount Pleasant Middle, and Kannapolis Middle schools will begin on April 1, and the schools are schedule to open by October of 2017.
Standard and Poor’s, Moody’s, and Fitch rating agencies reviewed the county’s bond ratings as part of the sale process. Cabarrus County was given strong ratings for both general obligation and limited obligation bonds.
