BLOWING ROCK — The Blowing Rock Town Council unanimously approved its second issuance of its $13 million bond over the course of three to four years, this amount for $2.3 million. Out of that $2.3 million, Town Manager Ed Evans said that around $1.6 million will go to transportation projects, $140,000 for Blowing Rock Parks and Recreation and $560,000 will go to water projects.
Evans said that he and Town Finance Officer Nicole Norman had to make a presentation to Standard and Poor’s about the bond and that it went very well.
The bond sale will take place May 1 and Evans shared the news that the town has a double A plus credit rating, saying that they’re the only “small town” in North Carolina with a rating that high.
“This is a rating that would be coveted by most towns,” Evans told the council. “It’s admirable that they feel secure enough about our finances. We look like a good risk.”
An interest percentage will be determined by the sale of the bond, with Evans speculating that it could be above the 3.12 percent that the first bond received.
After receiving this bond, Evans said that will be “a little less than half way” toward that $12 million total bond and that the final amounts could come in one or two installments.
Mark Crumpler, owner of the Brass Exchange, spoke during public comment about the parking issues on Main Street. Crumpler said that as a resident of the town for 38 years, he believes parking enforcement has been “swept under the rug” and it’s time for the council to commit in the upcoming budget to enforcing parking on Main Street. Crumpler believes that employees and business owners shouldn’t park on Main Street and that they’re getting away with it.
“I’m not happy at 68 years old to take a cut in my pay,” Crumpler said, saying his profits have gone down partially because customers don’t want to park on Main Street.
Sellers told Crumpler after his public comment that this would be addressed in the upcoming budget discussions.