A note from Governor Pat McCrory

It's been 15 years since the last general obligation bond was approved by the voters to upgrade our state’s infrastructure and since then North Carolina has added 2 million people in population. The $2 billion bond will connect North Carolina to the 21st century through statewide investments in education, parks, safety, recreation, and water and sewer infrastructure.

The Connect NC bond will allow us to pay for 50-year assets with 20-year financing. No tax increases are necessary to finance the bond, given our strong revenue growth and ample debt service capacity. We will continue to balance the budget and uphold our position as one of only 10 states to have earned the coveted Triple A bond rating from all three major ratings agencies.

Thank you for visiting our website and for your interest in North Carolina’s exciting future.


  • $2 billion of targeted, long-term investments
  • Projects in 76 counties
  • Infrastructure investments are vital to NC's competitiveness
  • Connect NC will pay for assets that will last for 50 years
  • Interest rates are historically low
  • Connect NC will not jeopardize our strong credit ratings
  • There will be no new taxes or tax increases because of Connect NC

Projects Pie Chart

Regional Solutions

State of NC Map

Select below for a comprehensive list of projects in each region, or click the map above for a list of projects statewide and various regions.

Regions based on N.C. Department of Commerce Prosperity Zones.

Connect NC Bond Issuance and Sale

  • On June 7, the Council of State unanimously approved a resolution for the issuance and sale of $200 million in bonds to support the Connect NC investments.
  • The vast majority of the $200 million, or 87 percent, will support projects at North Carolina universities and community colleges.
  • 52 percent of the bond investments in year one will support construction and the remaining money will be used for the planning of future construction projects.
Education Majority Chart

  • Similar to the Higher Education Bond passed in November 2000, the Connect NC bond will be issued over a seven-year period with the vast majority (nearly 90 percent) distributed in the first four years.
Connect NC Funding Needs By Year Chart

  • The approved $200 million bonds issued in year one will be available for sale on the market by late July.
  • Projects selected to receive funds in the first issuance were chosen based on agency assessments of the most urgent needs.
  • For a complete list of investments supported in year one, click here.
Connect NC Spending

History of Bond Financing

It has been 15 years since the last bond was authorized to upgrade our state’s critical infrastructure and since then North Carolina has added 2 million people in population.

Population and Debt History Chart

Financial Summary

The chart below demonstrates that we have ample debt service capacity within our existing revenue profile to support the Connect NC bond investments.

Debt Service Chart

Note: General Fund revenue data reflect budgeted amounts (HB 97) for FYs 2015-16 and 2016-17 and OSBM estimates for FY 2017-18 to FY 2025-26. Debt-service payments based on NC Fiscal Research Division estimates.

Interest rates are lower than they have ever been previously. The Connect NC Bonds are well within our existing affordability and do not require a tax increase of any kind.

NC Budget Director Lee Roberts

Frequently Asked Questions

Will Connect NC require a tax increase?

No tax increases are necessary to finance the bond. The state has ample credit capacity to borrow and repay the bonds with no tax increase. Because we are paying off our existing debt rapidly, our overall debt levels will not increase with this new bond.

Does the Connect NC bond meet all of our state’s infrastructure needs?

No. While this bond will go a long way toward connecting more North Carolinians to educational and recreational opportunities, in reality, it’s just a start. Even with Connect NC, the majority of our state’s infrastructure needs will remain unmet and our community colleges and universities will still have projects that need to be built on their campuses. But Connect NC begins the long-neglected task of building and upgrading our state’s infrastructure.

Can North Carolina afford to take on debt of this size?

Yes. The Connect NC bond proposal is well within current debt affordability as determined by the State Treasurer and the nonpartisan Debt Affordability Committee.

North Carolina is one of only 10 states with AAA credit rating from all three major ratings agencies. This top credit rating saves North Carolina taxpayers millions of dollars and we will not do anything to jeopardize our pristine credit ratings. Because we are paying off our existing debt rapidly, our overall debt levels will not increase with this new bond.

With interest rates at historic lows, it has never been less expensive to borrow.

Interest Rates - 10-Year Treasury & Muni Bond Index - 1960 to present

Why use bonds to build state infrastructure?

The bond allows us to pay over 20 to 25 years for assets that will last 50 years or more, and to do so at historically low rates. Most of these projects cannot be financed from our annual operating budget, just as most homeowners pay for a house as they use it over time, not the day that they move in. North Carolina has been rated AAA since state ratings began in the 1960s, and will continue to be rated AAA with this bond issue.

Where can I get a final project list and presentation?

Both are now available here:

Final Bond Project List

Final Bond Presentation

Media contact

Members of the media should contact the press office at 919-814-2100.