COPs Evade Voter Scrutiny: Taxpayers on the hook for special indebtedness

•  The last statewide General Obligation Bond referendum was held in 2000; all debt since then has been issued without voter approval, making special indebtedness the sole form of debt in North Carolina since 2001.
•  Special Indebtedness is more expensive than traditional General Obligation debt, thus creating a larger burden on taxpayers.
•  40% of North Carolina’s total current debt is special indebtedness.
•  Certificates of Participation (COPs) are the most favored form of special indebtedness.

Spotlight 431 – COPs Evade Voter Scrutiny: Taxpayers on the hook for special indebtedness