Charlotte Seeks LGC Approval of $1 Billion Financing for Water, Sewers | Eastern North Carolina Now | Local Government Commission also Votes Today on $210 Million in Water Projects

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Press Release:

    (Raleigh, N.C.)     The city of Charlotte is asking the Local Government Commission today to approve more than $1 billion in financing for infrastructure work. Water and sewer rates are expected to increase 3.84% annually from 2023 to 2027 to help fund the city's overall Capital Improvement Program that includes the items up for approval today.

    Approval of over $210 million in Viable Utility Reserve grants for nearly 50 local governments also is on the agenda. The grants will fund asset inventory and rate assessments that lead to short-term and long-term action plans, and for projects to repair, maintain and manage public drinking water and wastewater systems.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST), 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.

    Charlotte wants to issue $500 million in bond anticipation notes that allow the city to obtain short-term funding over the next two years that will be paid off later with long-term bonds. The money would go towards extension of existing water and sewer lines, rehabilitation of water and wastewater treatment plants, new water and sewer mains and equipment.

    The city also is seeking approval of $535 million in revenue bonds to finance water, wastewater and sewer plants and lines. Part of that would pay for previous bond anticipation notes and to refund a previous bond issue.

    Buncombe County is seeking approval to issue $70 million in general obligation bonds. Of that, $40 million would support low-income rental housing and home ownership programs to address a lack of affordable housing in the county. The other $30 million would be spent to preserve open space and farmland with the potential to develop greenways and trails for recreational purposes.

    The city of Concord (Cabarrus County) is on the agenda for $60 million in general obligation bonds to pay for parks and recreational facilities in underserved neighborhoods and to improve existing facilities. The work will include three new parks, trails, shelters, greenways and athletic fields, and expansion of services and updates to older parks.

    The Cumberland County Industrial Facilities and Pollution Control Financing Authority is asking for approval to help Cargill food corporation procure $27 million in revenue bonds to build and equip an agricultural recycling facility. It would process residual byproducts from Cargill's Fayetteville soybean processing plant into feed products rather than disposing of them in the landfill. About 70 jobs would be created through 2028.

    The town of Waxhaw (Union County) is seeking a green light for a $21 million installment purchase contract to build the new Town Campus project to replace outdated town buildings and provide additional space. An installment contract allows the town to take possession of the property and pay for it over time. The project includes a new Town Hall to house the town administration and council chambers, public services administration, storage and work bays, and a site pad for a future town facility.

    LGC members will vote on a $9 million installment contract request from Fuquay-Varina (Wake County) that would pay for a 15,898-square-foot building to house the Fire Department and Emergency Management Services. The project includes dormitory areas, day rooms, training and other space.

    If Wayne County officials' request for an $8.1 million installment purchase contract is approved, the county will build the 118,000-square-foot Freemont Elementary School to house 750 students. The county anticipates using a $30 million needs-based state lottery grant on the project.

    Bladen County also is looking to build a new school and is asking the LGC to sign off on a $4.4 million installment purchase contract to construct the 83,348-square-foot building to replace an outdated middle school. The Tar Heel School would combine Tar Heel Middle and Plain View Primary schools, and house 800 students in grades K-8. The county will use $32 million in needs-based school grant funds to complete the project.

    Holden Beach (Brunswick County) is asking the LGC to approve $4.2 million in special obligation bonds to replace 1.5 million cubic yards of sand lost during four major storms that raked coastal beaches.

    What: Local Government Commission August meeting

    When: Tuesday, Aug. 2 at 1:30 PM

    How: GoTo Webinar

    https://attendee.gotowebinar.com/register/3577400043932231179


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