Holden Beach seeks to issue $7.3m in bonds to pay for new pier
HOLDEN BEACH, NC (WWAY) — The Town of Holden Beach plans to issue $7.3 million in general obligation public improvement bonds to build a new pier.
Voters will get their say on Election Day, but a public hearing will take place before then.
A statement from the town says the Board of Commissioners has determined it necessary to finance the capital costs of the demolition and removal of the existing pier and construction of a new pier, including any improvements related to it. “The maximum aggregate principal amount of such General Obligation Public Improvement Bonds authorized by this order shall be $7,300,000,” the statement says.
An application has been filed with the Secretary of the Local Government Commission of North Carolina requesting Commission approval of the General Obligation Public Improvement Bonds, as required by the Local Government Bond Act. The Town Clerk has notified the Board that the application has been accepted for submission to the Commission.
“Taxes will be levied in an amount sufficient to pay the principal and interest of the General Obligation Public Improvement Bonds,” the statement says.
The bond order will take effect when approved by the voters of the Town at a referendum scheduled for November 4, 2025.
The statement goes on to say:
The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of the Town of Holden Beach, North Carolina to be $2,452,110,770 and the net debt thereof, including the proposed bonds, to be $ 12,639,326. The finance officer of the Town of Holden Beach, North Carolina has filed a statement estimating that the total amount of interest that will be paid on the bonds over the expected term of the bonds, if issued, is $4,286,345. A tax is authorized to be levied to pay the principal of and interest on the bonds if they are issued. The finance officer has filed a statement estimating that a property tax increase of $0.0316 per $100.00 of assessed valuation will be required to provide sufficient funds to pay the principal and interest on the proposed bonds. These estimates are preliminary, are for general informational purposes only, and may differ from the actual interest paid on the bonds or the actual property tax increases required to provide sufficient funds to pay the principal and interest on the bonds.
A public hearing on the issue is scheduled to be held at the Town Hall Public Assembly, 110 Rothschild Street, Holden Beach, NC 28462, at 5:00 p.m. on Tuesday, August 19, 2025.
An additional public hearing is scheduled for Saturday, August 16, 2025 at 11:00 a.m. in the same location.
