(The Center Square) – The North Carolina Local Government Commission (LGC) approved millions of dollars in financing plans for local governments.
Some of the finance requests will cover updates and development projects, while others will help the government units save more on existing loans.
Borrowing money allows governments to spread the costs across multiple years instead of tapping into cash flow or current revenue to cover a project’s expenses.
The LGC, which is chaired by State Treasurer Dale Folwell, and staffed by the Department of State Treasurer, must monitor the finances of more than 1,100 local government units. The commission also approves borrowing for the units after determining whether they can afford to repay the debt.
The commission approved a number of refinancing requests Tuesday.
The LGC approved a $28.5 million private installment contract for Dare County’s beach renourishment. The county needs to get 2.2 million cubic yards of sand for unincorporated areas of Avon and Buxton. Dare County officials said the project would reduce storm damage and protect infrastructure and property values. The county would repay the loan over time, and no tax increase is expected.
North Topsail Beach in Onslow County also got approval from the LGC for $9.5 million in special obligation bonds to restore beaches damaged by hurricanes Florence and Dorian.
The Federal Emergency Management Agency will reimburse a significant portion of the funding for both beach projects.
The LGC approved a $15.1 million installment contract for Franklin County to improve its first responder public radio system and a $4.4 million private installment contract to install new water and sewer meter equipment and for new billing system software. No tax increase is expected for either project.
No tax increases will result from Cleveland County’s $8.5 million financing plan, approved Tuesday, to purchase a building that would be sold to a company looking to set up shop in the county.
The LGC approved Hendersonville’s plan to increase an existing $9.4 million loan, raising it to $23.5 million. The additional funding would pay for the construction of new water intake and pump stations along the French Broad and Mills rivers. The city, in Henderson County, also got the green light to seek $7.1 million in private revenue bonds to replace aging water and sewer lines.
Other financing requests approved Tuesday by the LGC:
• Wake County Schools: $46 million in general obligation bonds; saves $5.5 million in interest;
• Duplin County: $11.2 million in limited obligation bonds; saves $118,000 in interest;
• Murfreesboro (Hertford County): $37,003 to replace and relocate a sewer lift station;
• Mocksville (Davie County): $314,493 for unexpected infrastructure construction issues;
• Thomasville (Davidson County): $4.8 million in revenue bonds; saves $299,176;
• River Bend (Craven County): $130,310 to replace water meters to relocate billing server;
• Oxford (Granville County): $4.7 million to replace water mains;
• Carolina Beach (New Hanover County): $687,953 to install an HVAC system at the municipal complex.