Why do we need a bond since the lottery was approved?
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: Estimates show Wake County gaining $9 million in lottery revenue per year – enough to build less than half of an elementary school. The funding formula is based on average daily membership and the county tax rate: the lower the tax rate, the less money the county stands to receive.
Although the lottery proceeds will not cover Wake’s school construction needs, every little bit helps. The county plans to use lottery proceeds in 2007 and 2008 as part of the pay-as-you go financing for school projects.