Most debt issued by Asheville and Buncombe County is snapped up by large institutions such as banks and investment companies. However, although the process isn’t as simple as buying stocks online, area residents are able to invest in local government bonds as well.
The easiest way to get involved, says Buncombe County Finance Director Don Warn, is to approach a broker after the bonds are initially sold and purchase them on the secondary market. Buncombe’s debt comes in $5,000 increments, and some will come due every year through 2035. Full details will be available through the Electronic Municipal Market Access website at avl.mx/70d.
Asheville bonds will be sold on the secondary market as well, with details on individual offerings available through EMMA at avl.mx/70e. City CFO Barbara Whitehorn says Asheville is also working with citizen investors who want to buy municipal debt directly. Those interested must have an account with Bank of America, which is managing the city’s bond issue, and should contact treasurer Doug Whitman at dwhitman@ashevillenc.gov or 828-259-5502.
Asheville resident Mike Edwards says he has two reasons for wanting to purchase the city’s bonds. The first is safety: As he nears retirement, he says, “The stock market scares me to death,” while bonds offer a lower but guaranteed return.
The second, Edwards adds, is his love of the city. Having moved to Asheville from Marion 10 years ago, he appreciates both the vibrancy of a growing downtown and the need for funding to support it. “Investing in the city where you live is where it’s at, I think,” he says.
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