RALEIGH, N.C. (AP) - A pay-as-you-go plan to fund potentially $2 billion in new school construction and repairs over the next decade has cleared one General Assembly chamber.
The Senate on Wednesday approved the proposal, which GOP sponsors promote as a cheaper alternative to borrowing by setting aside additional tax revenues annually to cover more capital projects.
The bill now goes to the House, where it will likely get shelved for a traditional bond referendum package backed by GOP House Speaker Tim Moore. Gov. Roy Cooper and most fellow Democrats also back bonds, too. Still, four Democrats voted with all Senate Republicans for the alternate plan.
Sen. Harry Brown says his bill avoids over $1 billion in borrowing interest. Opponents call a bond referendum a tried and true method that ensures construction gets done.
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