
Article VII, Section 10, of the Constitution of Virginia requires local governments to obtain voter approval to issue bonds. Voters in Loudoun County, Virginia, will be asked to consider four bond referendums on this year’s ballot.
Bonds are debt. When they are sold, the issuing government receives an influx of cash from the purchasers. But, like a bank loan, that money must be repaid over time with interest.
Like any other loan, bonds should be used only when necessary. Most projects should be funded directly from the general fund (i.e., from the “money in the bank”). Only when some specific project is very important, but too large to fund directly, should we turn to using bonds for financing.
School Projects
Voters in Loudoun County, Virginia, will be asked in a referendum to authorize the county to issue up to $123,755,000 in general obligation bonds for school projects. These would be used for the Douglass School renewal, other facility renewals and alterations, improvements to school security, and “other public school facilities.”
Much of what I have to say about this will sound familiar to my readers. There are school bonds on almost every ballot, and I almost always have the same thing to say about them.



