Friday, January 11, 2008

How Does the State pay for the 692 acres?

According to the State's Press Release posted now on our web site:

Financing the Acquisition

The acquisition will be financed by issuing certificates of participation through the Parks and Recreation Trust Fund.

In its 2007 session, the N.C. General Assembly authorized the Parks and Recreation and Natural Heritage trust funds to each issue up to $50 million in certificates of participation for land conservation. The certificates are similar to bonds and will be repaid with future revenues into the trust funds over a 20-year indebtedness. In the recent past, such certificates have been issued for special projects of the state parks system, including a 3,000-acre acquisition at Lake James State Park, construction of visitor facilities at Lake James and land acquisition at Mayo River State Park in western Rockingham County and Chimney Rock State Park in Rutherford County.

Purchase of the approximately 300 acres at the existing Haw River State Park and its environmental education center was financed by regular revenues of the Parks and Recreation Trust Fund. Any future visitor facilities at the state park are likely to be financed through the trust fund, as well. The trust fund is supported by the state’s tax on real estate deed transfers and is the principal funding source for state park land acquisition and capital projects.
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Also from NCDENR magazine The Steward , Dec. 2007

Parks Gain From '07 Trust Funds

More than 3,500 acres of land will likely be brought under conservation by the state parks system as a result of grants this fall from the Natural Heritage and Clean Water Management trust funds.

The parks system received $5.6 million in grants from the Natural Heritage Trust Fund in November and $5.46 million from the Clean Water Management Trust Funds in September and November.

Coupled with $9.89 million in allocations from the Parks and Recreation Trust Fund, the grants will support land acquistions at 10 state park units ....

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