
Article VII, Section 10, of the Constitution of Virginia requires local governments to obtain voter approval to issue bonds. Voters in Loudoun County, Virginia, will be asked to consider two bond referendums on this year’s ballot.
Bonds are debt. When they are sold, the issuing government receives an influx of cash from the purchasers. But, like a bank loan, that money must be repaid over time with interest.
Like any other loan, bonds should only be used when necessary. Most projects should be funded directly from the general fund (i.e., from the “money in the bank”). Only when some specific project is very important, but too large to fund directly, should we turn to using bonds for financing.
Transportation Projects Bonds
Voters in Loudoun County, Virginia, will be asked in a referendum to authorize the county to issue up to $152,585,000 in general obligation bonds for transportation projects. These would be used to finance improvements to Braddock Road, Evergreen Mills Road, Farmwell Road, and the Route 50 corridor; building new segments of Crosstrail Boulevard and Prentice Drive; building a roundabout at the intersection of Route 9 and Route 287; making intersection improvements throughout the county; and “other public road and transportation projects.”



