Bond Measure to Provide a Financial Windfall for HBCUs in North Carolina
Filed in HBCUs on April 1, 2016
As voters in North Carolina went to the polls to vote in the Republican and Democratic primaries for U.S. President, they also passed a referendum authorizing the issuing of $2 billion in bonds to support the state-operated colleges and universities, water and sewer systems, agriculture, state parks, public safety programs, and the North Carolina National Guard. The bond issue will raise nearly $1 billion for state universities and $350 million for state-operated community colleges. Interest on the bonds will be paid through the state’s general revenue funds and will not require a tax increase.
The state’s historically Black colleges and universities will get nearly 10 percent of the money from the bonds, a total of $190 million. For example, North Carolina A&T State University in Greensboro will receive $90 million to fund its Engineering Research and Innovation Complex, a business incubator that aims to be a catalyst for both short-term and long-term economic growth for the state. Other HBCUs that will be receiving funds are:
- Elizabeth City State University will receive $13 million from the bond fund that will be used to renovate the G.R. Little Library and Moore Hall on campus.
- Winston-Salem State University will receive $50 million for its Science Building.
- North Carolina Central University will get $30 million for the School of Business.
- Fayetteville State University was allocated $10 million for renovations to the Lyons Science Building.