Local Government Commission Agenda Financing Requests Exceed $1.9 Billion | Eastern North Carolina Now

Buying and Constructing Buildings, Water and Sewer Projects Among Items Up for Votes on Tuesday

ENCNow
Press Release:

    (Raleigh, N.C.)     The Local Government Commission (LGC) is being asked to approve more than $1.9 billion in financing requests at its meeting on Tuesday, Oct. 3. The meeting will be held on the Appalachian State University campus in Boone as part of State Treasurer Dale R. Folwell's initiative to bring Raleigh government operations to other parts of the state.

    Among items on the meeting agenda is a request from the North Carolina Housing Finance Agency (NCHFA) to issue $750 million in revenue bonds. The agency said the bonds are necessary to increase the state's supply of affordable housing, and will be used to continue the home ownership program for families of low and moderate income for 2023 and 2024. That amount dwarfs the $418.5 million in affordable housing financing the LGC approved in all of fiscal year 2022.

    The city of Charlotte (Mecklenburg County) has three requests totaling $535 million on the agenda, and the Fayetteville Public Works Commission (Cumberland County) has three requests totaling over $300 million.

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

    Charlotte has submitted a request for approval to refund $235 million in general obligation bonds to achieve nearly $1.4 million in interest savings. It also is seeking the go-ahead for $100 million in certificate of participation refunding to reap over $2.3 million in savings through lower interest rates. The LGC also is being asked to approve a $200 million short-term note for streets and neighborhood improvement projects as part of a draw on a previously approved bond authorization.

    The Fayetteville Public Works Commission is seeking the OK for $295 million in revenue bonds for 17 projects to improve electric, water and sanitary sewer systems. That will include extension of lines into annexed areas, replacement and upgrading sewer mains and treatment facilities. Part of the money would be used to refund a previous bond issue. The Public Works Commission also is asking for approval of a $5 million increase in a revolving loan for water/sewer improvements at Big Rockfish Creek Outfall including installation of lines and manholes and replacing erosion control devices, roadways, driveways and curbs in annexed and unserved areas. A $430,000 revolving loan increase is being sought to abandon six lift stations to be replaced by lines to reroute the flows.

    Currituck County is coming before the LGC seeking approval of $60 million in limited obligation bonds to build a new Tulls Creek Elementary School due to population growth in the area. Plans are for a 118,000-square-foot building with an 800-student capacity. The two-story building would have 58 classrooms. A tax increase of 4 cents per $100 of assessed property value is anticipated in 2024, with an additional 4 cents in 2025.

    The LGC will consider a submission from New Hanover County to approve $57 million in financing for Project Grace, a redevelopment project spanning a three-acre county-owned block in Wilmington that would feature a new library and museum.

    The Onslow Water and Sewer Authority is asking for the go-ahead to issue $50 million in revenue bonds, and the Onslow County Hospital Authority is requesting approval of $23.1 million in revenue bonds. The Water and Sewer Authority will use the bond proceeds to purchase Pluris LLC and Pluris Web LLC wastewater treatment and collections systems. That is part of an effort to increase its present customer base of 7,900 wastewater customers with 6,000 new customers, improve environmental conditions and allow for further expansion. The Hospital Authority will use the money on capital improvement projects to address critical infrastructure and equipment needs.

    LGC members are being asked to approve Brunswick County's request to issue $25 million in revenue bonds to increase the treatment capacity of the Shallotte wastewater treatment plant. The work includes construction of a new wastewater treatment plant that will allow sewage flow from Southport to be treated. It is part of a regional wastewater treatment system that Brunswick County and Southport are entering into for cost savings and long-term treatment security.

    Wilkes County plans to issue $25 million in limited obligation bonds pending LGC approval. Proceeds would be used to build and equip a new county government administration building. The four-story, 154,000-square-foot structure is essential to provide handicap access, safety and security to employees, parking and sufficient space for current and future needs.

    The Burlington Housing Authority (Alamance County) is seeking LGC approval of $25 million in conduit revenue bonds. The proceeds would be loaned to CFC-Burlington I, LLC, of Arizona to partially fund the acquisition of an existing hotel for renovation and equipping into a 131-unit multifamily rental housing development for families of low and moderate income.

    Lee County is seeking a green light to proceed with a $17 million limited obligation bond to create a multi-sport complex. The project would include three youth baseball fields, a full-size baseball field, two full-size turf multi-use fields, eight full-size natural fields that could accommodate soccer play, and a picnic area.

    Person County is asking LGC members to sign off on $13 million in limited obligation bonds for construction and renovation at Person High School. Work would include handicap access, security improvements and removal of some parking areas. The project is necessary to meet growth in student and staff population.

    The LGC also will consider additional financing requests from Banner Elk (Avery County), $1 million for downtown parking improvements; Boiling Springs (Cleveland County), $500,000 to purchase downtown land; Greensboro (Guilford County), $3 million to purchase firefighting equipment; King (Stokes and Forsyth counties), $3.7 million to replace a sewer pump station; Leland (Brunswick County), $8 million to enhance Founders Park; Mebane (Alamance County), $6 million to build a 1-million gallon water storage tank; and Nashville (Nash County), $3.2 million to build a second fire station on leased land, and $300,000 for the same purpose.

    What: Local Government Commission October meeting

    When: Tuesday, Oct. 3, at 1:30 p.m.

    Where: Appalachian State University Grandview Ballroom on the fourth floor of the North End Zone Building at Kidd Brewer Stadium, 135 Jack Branch Drive, Boone, N.C.

    Online: GoTo Webinar

    https://attendee.gotowebinar.com/register/2745780035852998235


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