Why use bonds?
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A: General obligation bonds allow the county to borrow money and repay it – with interest – over a long period of time, typically 15-20 years. This is similar to someone taking out a mortgage to buy a house. Most people do not have enough money to pay cash for a house or a car, so they borrow money and repay it with interest while using the house or car. Because the facilities will be used over a number of years, this is a fair and equitable way of sharing the cost with current and future residents as Wake continues to grow. Wake County is one of only three counties in North Carolina, and one of 22 in the nation, that have a AAA bond rating, the highest possible rating which translates into the lowest available interest rates for capital borrowing.