KANNAPOLIS, N.C. — The Kannapolis City Council entered the next phase in its plan to finance $35 million in infrastructure

improvements and other projects with a vote last night approving the sale of limited obligation bonds, also known as revenue bonds.

The unanimous vote of all six council members present approved an interlocal agreement with Cabarrus County to use tax revenues from a downtown development district to repay the financing over 17 years.

The plan approved Monday is slightly different from the one debated in recent weeks. Instead of Certificates of Participation, commonly called COPS, City Manager Mike Legg said that discussions in recent days with the city’s financial advisors determined that revenue bonds would yield a better interest rate.

[Kannapolis is the site of the North Carolina Research Campus, and much of the infrastructure improvements are related to that project.]

For the full Salisbury Post report, read here.

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