$1.1 Billion Raleigh Outer Loop Financing Approved by the Local Government Commission | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     The Local Government Commission (LGC) recently approved an application by the N.C. Turnpike Authority (NCTA) for revenue bonds and a Transportation Infrastructure Finance & Innovation Act (TIFIA) loan through US-DOT. Each is not-to-exceed $550 million and would be used to begin work on Phase 2 of the Complete 540 project, also known as Raleigh's Outer Loop.

    The 10-mile Phase 2 project from I-40 to U.S. 64 in Knightdale is intended to connect Apex, Cary, Clayton, Fuquay-Varina, Garner, Holly Springs and Raleigh. The work is intended to relieve traffic on the Triangle Expressway extension from I-40/U.S. 70, which is the future I-42, to south of Rock Quarry Road, and then from Rock Quarry Road to I-540/I-87/U.S. 64/U.S. 264. Construction is scheduled to begin in Spring 2024, with the project opening to traffic in 2028.

    The approval came as Fitch Ratings raised the NCTA's outstanding senior lien turnpike revenue bonds, senior lien turnpike revenue bond anticipation notes and subordinated Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from BBB to BBB+.

    Fitch also assigned BBB+ ratings to the authority's $372 million of turnpike revenue bonds and $424 million of subordinated Series 2024 TIFIA loan. The increased ratings allow lower financing cost for the loans and is a sign of the state's credit quality. Fitch's outlook for both the bonds and TIFIA loans is stable.

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

    Among other items unanimously approved at its meeting Tuesday, Dec. 5, was a memorandum of understanding for the town of Eureka to transfer administrative, financial and operational ownership of its wastewater system to the town of Fremont contingent upon successful fulfillment of several considerations. Both towns are in Wayne County.

    Eureka, which has a population of 183, has been under the financial management of the LGC since July 2019. It has 108 sanitary sewer connections. Fremont, population 1,463, has 735 sanitary sewer connections. Fremont has been accepting and treating wastewater from Eureka, but both are designated as distressed utilities. Eureka was awarded a $20 million state appropriation for water and wastewater infrastructure improvements that will be used to address the issues with its system.

    The LGC also approved $181 million in bond anticipation notes (BANs) for the city of Durham (Durham County) to extend, add on, improve and replace utility infrastructure and equipment. A BAN is a short-term, interest-bearing security issued in anticipation of a larger bond issue in the future.

    Chowan County got approval from the LGC for installment financing of nearly $35 million to support the replacement of John A. Holmes High School, which was built in 1950 and supports 600 students. It is the only high school serving the Edenton-Chowan School District. The county plans to build a 146,644-square-foot school in its place. An installment financing allows for repayment of the loan over time.

    Raleigh Housing Authority (Wake County) had two items on the agenda that were approved totaling $56 million including $30 million in conduit revenue bonds to loan to KTJ397, a Minnesota limited partnership. Proceeds will pay for a 180-unit multifamily rental housing development to be known as Birch and Branch Apartments. A $26 million conduit revenue bond will be used to loan to Gresham Lake Family, a North Carolina limited partnership. They will use the proceeds to build a 156-unit multifamily rental housing development to be called The Preserve at Gresham Lake.

    Also getting a green light for financing were:

  • Wake Forest (Franklin, Granville and Wake counties), a $5.5 million installment financing to resurface and rehabilitate 12 miles of aging streets.
  • Fayetteville Public Works Commission (Cumberland County), a $5 million revolving loan increase for water/sewer improvements at the P.O. Hoffer and Glenville Lake water treatment plants.
  • Sawmills (Caldwell County), a $1.3 million installment purchase to buy and install field lights and parking lot lights at Sawmills Municipal Park and Veterans Park.
  • Beech Mountain (Avery and Watauga counties), a $1.1 million revolving loan increase to identify sewer deficiencies, and rehabilitate or replace sewer lines and manholes.



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


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Beaufort County Candidate Filing 12/13/2023 Press Releases: Elected office holders, Op-Ed & Politics, Bloodless Warfare: Politics Patrick McHenry, Who Served As Temporary Speaker, Plans To Retire From House


HbAD0

Latest Bloodless Warfare: Politics

Daily Wire Editor Emeritus Ben Shapiro, along with hosts Matt Walsh, Andrew Klavan, and company co-founder Jeremy Boreing discussed the state of the 2024 presidential election before President Joe Biden gave his State of the Union address on Thursday.
Former U.N. Ambassador Nikki Haley said this week that the criminal trials against former President Donald Trump should happen before the upcoming elections.
It’s “Bo time” again, this time in North Carolina’s Sixth Congressional District.
Robert F. Kennedy Jr. announced on Tuesday that he has selected Nicole Shanahan to be his vice presidential running mate as he continues to run as an Independent after dropping out of the Democratic Party’s presidential primary late last year.
On Tuesday, another Republican announced that he plans to retire early from the House, a decision that would further diminish a narrow GOP majority in the lower chamber.
Sen. Bernie Sanders (I-VT) introduced a bill Wednesday that would shave 8 hours off the standard 40-hour work week that has been around for several decades.

HbAD1

Glenn Beck: 'When the United States government can come after individuals, that's when you know our republic is crumbling.'
Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement on the latest continuing resolution:
WASHINGTON – Today, as Joe Biden continues his Bankrupting America Tour in North Carolina, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement:
Former President Donald Trump dominated the North Dakota Republican Caucus on Monday as he continues to inch closer to officially securing the party’s presidential nomination.
RALEIGH: Today, Governor Cooper visited a bus facility in Durham to highlight the recent significant federal funding for electric school buses in North Carolina.
The White House unveiled a new term on Thursday for the millions of illegal aliens who have flooded into the U.S. under President Joe Biden, which came just shortly before Biden took a trip to the border for a photo op at a spot that has had few illegal aliens cross.

HbAD2

Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement after voting in favor of S.J. Res. 38, to overturn the Federal Highway Administration’s rule relating to ‘Waiver of Buy America Requirements for Electric Vehicle Chargers.’

HbAD3

 
Back to Top