Municipal Bond Sales


The Town sells bonds to borrow money to help pay for projects such as streets, sidewalks, parks, greenways, and Town government buildings. Borrowing for such projects enables future taxpayers to share the cost.

General obligation bonds require voters' approval. Other debt financing options include revenue bonds, certificates of participation, installment purchase contracts and state revolving loans.



Town of Wake Forest general obligation bonds are rated AAA -- the best possible -- by all three national credit rating agencies. 

The Town’s excellent bond rating communicates to businesses and individuals that Wake Forest is a healthy community. It signals current and potential investors that the Town’s financial future is strong and ensures Wake Forest’s interest costs will remain as low as possible. 

Financing TypeMoody'sStandard & Poor'sFitch
General Obligation BondsAaaAAAAAA

2021 Ratings Announcements


Standard & Poor's



Series 2021A & 2021B Bonds

In mid-2021, the Town issued $1.3 million General Obligation Public Improvement Bonds, Series 2021A and $4.9 million General Obligation Public Improvement Bonds, Series 2021B. This sale exhausted the remaining authority from the 2014 Bond Referendum. The proceeds are being used to fund various capital improvements, including streets, sidewalks, and greenways.


Wake Forest Bond Referendum Logo

Recent Bond Referendum

On Nov. 4, 2014, Wake Forest voters passed a $25.1 million bond for three separate capital projects totaling $55 million.

  1. Street & Sidewalk Improvements - $6.3 million

  2. Parks & Recreation Facilities - $14.2 million

  3. Greenway Improvements - $4.6 million


Buying Town of Wake Forest Bonds

The N.C. Department of State Treasurer handles Town of Wake Forest bond sales. Most bonds are sold competitively to the investment banking firm that offers the lowest interest rate. That firm then sells the bonds to individuals and institutions such as insurance companies. Individuals can buy Town of Wake Forest bonds from registered broker dealers. 


CUSIP Numbers

A bond's CUSIP is an alphanumeric identification code, usually nine characters, assigned to each maturity of a bond issue and is printed on the face of each individual bond. All municipal bonds are assigned a CUSIP number prior to pricing. 


Types of Debt

General Obligation Bonds (GO)
  • Description: Town's taxing power pledged; voter approval required

  • Town of Wake Forest uses: Streets, greenways, parks and recreation projects

Revenue Bonds (Rev)
  • Description: Specific revenue pledged; taxing power not pledged so no vote required

  • Town of Wake Forest uses: Electric system improvements

Installment Purchase Contracts (IP)
  • Description: Property that is financed used as collateral

  • Town of Wake Forest uses: Public facilities, rolling stock and equipment


Municipal Bond Sales
Assistant Town Manager/CFO