What happens if the bond doesn’t pass?
If the referendum is not approved by voters, the school system would be faced with the possibility of needing to convert most elementary and middle schools to a multi-track, year-round calendar and using split shifts at high schools; and it is likely that the county commissioners would issue certificates of participation to provide funding for high priority projects. Certificates of participation are similar to general obligation bonds, but have higher interest rates. Wake County is examining the tax implications of the bond not passing.
