Local Government Commission to Vote on $165 Million Atrium Health Bond Refinancing | Eastern North Carolina Now

News Release:

    (Raleigh, N.C.) - The Charlotte-Mecklenburg Hospital Authority, more commonly known as Atrium Health, wants the Local Government Commission (LGC) to approve a plan to refinance up to $165 million in bonds at a lower interest rate to save $30.2 million.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST), will hear the request at its meeting on Tuesday, Jan. 11. It is among a host of other requests for tens of millions of dollars in financing for government projects across the state that the LGC will consider.

    The LGC has a statutory duty to monitor the financial well-being of more than 1,100 local government units. The commission also examines whether the amount of money units borrow is adequate and reasonable for proposed projects, and confirms the governmental units can reasonably afford to repay the debt.

    Atrium is one of the largest health systems in the nation. Its network includes 42 hospitals, and freestanding emergency departments, urgent care centers and other medical locations staffed by a total of 70,000 employees. It plans to sell the tax-exempt bonds on a 21-year term on Jan. 26.

    Among other items on the agenda, Columbus County is seeking approval for $27.9 million in financing to replace aging elementary and middle schools with a consolidated Pre-K Middle School known as Tabor City School. The county would make payments on the installment purchase contract over time. No tax increase is expected.

    The city of Charlotte (Mecklenburg County) is requesting approval to pursue an $11 million revolving loan to install 30,000 feet of drinking water lines in southeast Charlotte. The work is necessary for distribution system reliability.

    The city of Washington (Beaufort County) is asking the LGC to approve an installment purchase contract of $6.6 million to build a municipal police station. Hurricane Florence flooded the old police station in 2018, and operations have been conducted out of a temporary facility in the meantime.

    Bessemer City (Gaston County) is seeking the go-ahead for nearly $5 million in financing for a water treatment plant, and water and sewer projects.

    Pamlico County is seeking approval of a $3 million revolving loan for water treatment improvements to address contaminants that are not treated or removed by the current water treatment process.

    The town of Nags Head (Dare County) wants the LGC to sign off on a $1.2 million installment purchase contract to buy a property to house a fire station and the Dare County EMS station.

    The town of Pembroke (Robeson County) wants the LGC to green-light a $1.1 million revolving loan to replace underperforming components of the town's aging wastewater treatment plant. Continuous and more reliable operations will be possible.

    LGC members also are being asked to approve several cost-saving refinancing and refunding proposals at lower interest rates, including:

    What: Local Government Commission January remote meeting

    When: Tuesday, Jan. 11 at 1:30 PM

    How: GoTo Webinar


   Email: press@nctreasurer.com
   Phone: (919) 814-3820
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