Cornelius, Asheville, Chapel Hill Receive Local Government Commission Approvals | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     The Local Government Commission (LGC) has approved a $2 million installment purchase to pay for ballfield lighting and public safety vehicles for the town of Cornelius (Mecklenburg County).

    An installment purchase allows for payments to be made over time instead of paying all project costs up front. The Cornelius item was among several requests on the agenda for the LGC meeting on Tuesday, Jan. 10.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer, has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.

    The Cornelius request was divided into three components: Replacing lighting with a more efficient LED system on three multi-purpose ball fields at Bailey Road Park, $725,555; a fire truck, $795,924; and police vehicles, $500,000. The town, whose population has grown from about 14,000 in 2000 to slightly more than 31,500 in 2020, has construction bids in hand. Debt service is expected to be paid from the General Fund, and no tax increase is anticipated.

    The city of Asheville (Buncombe County) received LGC approval to issue $26 million in general obligation bonds. The proceeds will pay off short-term bonds for parks and recreation and transportation projects. The original bonds were issued under the city's draw-bond program, which was nearing its ceiling for borrowing.

    A draw bond allows for the issuer to use proceeds from the bond sale over time while paying interest only on portions of the principal that are drawn down.

    LGC members approved a request from the town of Chapel Hill (Orange County) for a "two-thirds general obligation bond" for $1.98 million. Unlike other general obligation bonds, a two-thirds bond does not require voter approval. The proceeds will pay the bulk of purchase costs for public safety radios and related equipment, with the rest being paid from available revenues.

    This type of financing gets its name from provisions in the North Carolina law that allow some government units to issue bonds equivalent to up to two-thirds of the amount of reduction in general obligation debt the preceding year.

   Phone: (919) 814-3820
Go Back


Latest Bloodless Warfare: Politics

At a forum hosted by the Charlotte Regional Business Alliance on Jan. 9, House Speaker Tim Moore and Senate President Pro Tempore Phil Berger discussed a host of issues leading up to the 2023 legislative session, which began on Jan. 11.
N.C. Attorney General Josh Stein's challenge against a state criminal libel law from the 1930s could extend into the summer or beyond. New court paperwork sets out tentative dates for further legal action.
Private election administration funding, or “Zuck bucks,” influenced the outcome of some races in the 2020 election in North Carolina
Members of the N.C. House of Representatives took the oath of office Wednesday, opening the long legislative session for 2023. Republicans have two more seats in the chamber this session
U.S. Rep. Dan Bishop, R-8th District, endorsed a new congressional subcommittee focusing on the "weaponization of the federal government."
Senate Leader Phil Berger, R-Rockingham, today announced his intended committee appointments for the 2023-24 legislative biennium.


North Carolina’s 10th District congressman, Patrick McHenry, nominated fellow Republican Rep. Kevin McCarthy in the 14th round of balloting for U.S. House speaker Friday night
This week, U.S. Senator Thom Tillis (R-NC) and 22 of his colleagues introduced a resolution designating January 22 through January 28, 2023, as National School Choice Week.
Representatives-elect in the U.S. House have taken votes on 12 ballots for House Speaker this week without reaching the 218 threshold needed to secure a victory.
Congressman Chuck Edwards (NC-11) today announced that he has been recommended for a rare assignment of three committees for the 118th Congress.
Today, U.S. Senator Thom Tillis led a letter also signed by Senators Bill Hagerty, Mike Crapo, Cynthia Lummis, and Kevin Cramer to Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, seeking answers in response to several proposed radical revisions


Back to Top