North Carolina Local Government Commission Approves $1.5 Billion in Funding Requests | North Carolina
(The Center Square) – The North Carolina Commission on Local Government recently approved funding requests for $1.5 billion from across the state, including about $900 million for airports in Charlotte and Ashville.
The LGC is chaired by State Treasurer Dale Folwell and staffed by his office, and is responsible for overseeing the financial well-being of more than 1,100 local government units. The commission examines whether the financing of the projects is reasonable and confirms that the local governments can afford to repay the debt.
The commission met on Tuesday to consider numerous proposals. The LGC approved up to $425 million in revenue bonds for a series of improvements at Charlotte Douglas International Airport to move toward a major terminal expansion and repay an older bond.
The City of Charlotte has secured approval for $300 million in bond anticipation notes for capital improvement projects and to refinance a previous bond anticipation note, according to a press release from Folwell. .
The LGC authorized the Greater Asheville Regional Airport Authority to use $185 million in revenue bonds to expand and modernize the terminal, ticket hall, TSA screening, baggage claim and concession area. The bonds, which are set to go on sale May 19, will also go to a centralized energy plant and an air traffic control tower.
Other major demands approved on Tuesday include a Cabarrus County proposal to issue $160 million in limited obligation bonds to build and equip a new courthouse, elementary school, emergency medical services headquarters , a library and a center for the elderly, among other projects. The LGC also granted approval for another $113.7 million in Limited Obligation Reimbursement Bonds for the county to repay balances of an outstanding draw note for projects previously approved by the commission.
The Cabarrus County Water and Sewer Authority has received approval for $85 million in revenue bonds to continue the expansion of the Rocky River Regional Wastewater Treatment Facility, which will increase its capacity to 26.5 million to 30 million gallons per day.
Orange County’s application has been approved for $43.2 million in limited obligation bonds for the construction of the Orange County South Branch Library, the purchase of public vehicles and several construction projects. schools and counties.
The LGC also approved $12.6 million in installment funding for the construction of a 51,884-square-foot, three-story building and 171-space parking lot in Carrboro to house the South Branch Library of the Orange County, the city’s Recreation, Parks and Cultural Resources Program, and the Orange County Skills Development Center.
Goodwill Industries of eastern North Carolina has obtained LGC approval for up to $60 million in revenue bonds through the North Carolina Capital Facilities Finance Agency, which will be used to purchase 42 stores retail and donation centers, and to refinance a temporary promissory note.
Durham City was also approved for $30.5 million in general obligation repayment bonds to save about $1.8 million from lower interest rates.
Other significant demands granted by the LGC on Tuesday include $25.5 million in revenue repayment bonds for Johnson & Wales University, $21.1 million in funding for the workforce development center works and up to $14 million for an installment contract in Lexington to construct a one-stop administrative building.
More information about applications approved by the LGC is available on the State Treasurer’s website.