Given the hour, it might be too late for some of you. But if you haven’t voted yet, here’s something to consider while pondering the economic development bond:
Four voters backed by the Institute for Constitutional Law, a conservative legal think tank, have asked the court to toss out changes to the state’s constitution that allow cities and counties to borrow money for certain types of economic development projects without a voter-approved referendum.
If successful, the suit could block projects moving forward in several parts of the state, including Kannapolis and Roanoke Rapids. Greensboro officials are also considering using the new powers.
“Yes, we want to do it,” said Dan Lynch, president of the Greensboro Economic Development Alliance. “We have a project all picked out for which this makes all the sense in the world.” That project, which he wouldn’t give details about, would be inside the Greensboro city limits, Lynch said.
With that in mind, does it make sense to approve another bond when cities and counties already have the power to borrow money for “economic development?” Call me paranoid, but would a bond not open the door for government entities to borrow money with voter approval in order to subsidize money borrowed without voter approval?
