Fairfax Greenlights $100 Million Transportation Bond Referendum for Roads
June 17, 2014
This action allows the county to petition the Circuit Court to order the referendum. It will be on the Nov. 4 general election ballot if so ordered. Under state law, the county must petition the court to put the referendum on the ballot.
Fairfax County voters will be asked to vote “yes” or “no” on the proposed bond that will improve roads, sidewalks, bike lanes, and trails.
If approved, the money is intended to provide:
- $16 million for spot roadway improvements to increase roadway capacity, reduce congestion, improve safety and improve transit access.
- $77.5 million for pedestrian improvements to improve capacity, enhance safety and complete missing pedestrian links that connect neighborhoods, and improve access to schools, Metrorail stations and activity centers.
- $6.5 million for bicycle improvements that include developing new bicycle facilities, constructing trails, adding bicycle parking and enhancing accessibility.
The $100 million bond is one of many funding sources identified to pay for more than $1.4 billion in transportation priorities during the next six years. Due to the flexibility of bond funds, projects like spot roadway, pedestrian and bicycle projects can be funded and implemented efficiently and expeditiously. The projects proposed for bond funding were identified through extensive public outreach and engagement, called the Countywide Dialogue on Transportation.
The county has the highest credit rating possible for any government: triple-A from Moody’s Investors Service Inc.; from Standard & Poor’s Corp.; and from Fitch Ratings. Currently, Fairfax County is one of only eight states, 37 counties, and 32 cities to hold a triple-A rating from all three rating agencies.
For this reason, Fairfax County’s bonds sell at relatively low interest rates compared to other tax-free bonds.