North Carolina governor calls for $4 billion bonds for schools

North Carolina Gov. Josh Stein called for the state to sell $4 billion of bonds for school construction.

Stein made the proposal during his annual State of the State speech to the legislature.

In North Carolina general obligation bonds would need voter approval and Stein called for such a vote.

"Too many of our schools are overcrowded or use trailers or have old, leaking roofs and broken heating and air conditioning," Stein said. The state's students need "safe and well-built schools."

Javaid Siddiqi, president and CEO of The Hunt Institute, said, "Gov. Stein's proposal is a necessary step toward addressing North Carolina's long-overdue school facility needs. With the average U.S. school building more than 40 years old, students and educators face outdated and inadequate learning environments across the country."

The Hunt Institute, based in Cary, N.C., conducts research, education, events, and hosts forums on education policy.

North Carolina's general obligation debt is rated triple-A by Moody's Ratings, S&P Global Ratings and Fitch Ratings.

A 2020 state-wide facility needs survey, the most recent one completed, found $12.8 billion of school infrastructure improvements needed.

If voters approve the bond, it would be the first state-wide school bond since 1996.

Elsewhere in his speech, Stein also called for the legislature to pass a Hurricane Helene recovery bill.