The Town of Wendell has historically been averse to debt, preferring to pay as they went. That plan leaves the town wanting. But from a surprising quarter, bonds are now likely to be back on the table.
Bonds are government’s way of accruing debt to pay for large ticket items like water and sewer lines or new buildings. They also require the approval of voters, which is a great way to engender support from the people who will, through their taxes, ultimately have to pay off the bonds.
Eschewing debt makes it incredibly difficult to take on some of the biggest purchases a town has to make. Issuing bonds gives the town a very real opportunity to make significant strides in improving the town’s appearance and attractiveness to new residents and to market the town going foward.
Bonds to build a new town hall, expand facilities at Wendell Park or make other important infrastructure improvements are all reasonable bond projects. They are made all the more reasonable by the fact that one of the town’s most fiscally conservative members – Mayor Tim Hinnant – all but endorsed the idea last week.
Though Hinnant’s comments were broad and are far from a being a done deal, it’s refreshing to hear someone in a leadership position admit that bonds may be the way to go.
Bonds, of course, are a voter’s best friend. They give voters a chance to weigh in on projects and the give commissioners a built in excuse for raising taxes if needed to pay for them.
Here’s hoping commissioners will keep that option on the table. Wendell needs to make some improvements in a serious way. A bond will allow that to happen. And we couldn’t be more excited for its prospects.