Press release from the North Carolina Department of the State Treasurer:
The Local Government Commission (LGC) is scheduled to approve more than $1 billion in financings for transportation, school and housing projects in the Triangle, Triad and Charlotte areas at its meeting at 1:30 p.m. today. The full agenda including numerous other financing projects around the state can be found here.The LGC, staffed by the N.C. Department of State Treasurer, also will vote to enforce its authority under North Carolina General Statutes and assume control of the financial affairs of the Martin County town of Robersonville. The LGC would develop and execute a plan for the fiscal management of the town including establishing a system of internal financial controls. The town has failed to submit audits for the 2018 and 2019 fiscal years and to fulfill other obligations under the Local Government Budget and Fiscal Control Act.
Another enforcement resolution will be considered to require the Bertie County town of Askewville to hire an outside entity to bring all bank reconciliations current and to prepare its books for audit. Failure to comply could result in the LGC assuming control of the town’s financial affairs. Askewville officials have failed to submit annual audits for the 2016, 2017, 2018 and 2019 fiscal years as required by North Carolina General Statutes.
Also on the agenda is a financing proposal not to exceed slightly more than $499 million in bond anticipation notes for work on the Triangle Expressway being built by the N.C. Turnpike Authority. When completed the toll road would span 18.8 miles from Interstate 40 near Durham to the N.C. 55 Bypass near Holly Springs, and cost about $1.3 billion. The Turnpike Authority will save money by delaying the drawdown of previously approved financing while obtaining the bond anticipation notes at lower interest rates.
Other matters for consideration include:
- $300 million in general obligation bonds for Guilford County Schools. The money would be used to build new schools to meet residential growth, full renovation and rebuilding of facilities in the worst condition and investments in technology and infrastructure for safety improvements.
- $197 million in general obligation bonds for the City of Charlotte for transportation, housing and neighborhood improvement projects. Those include building, enlarging and extending streets, building parking lots, pedestrian and bicycle paths, lighting and traffic controls and land acquisition. Of that total, $50 million would be to build and improve low- and moderate-income housing projects. Another $44.5 million would be used to build sidewalks, pedestrian and bicycle paths and perform other neighborhood improvements.
- $80 million in general obligation bonds for the city of Raleigh to build or rehabilitate low- and moderate-income multi- and single-family housing.
- $22 million in revenue bonds to the Charlotte Housing Authority to provide a loan to North Tryon Homes. The project involves construction of about 180 low-income apartment units.
This is a remote meeting and will accessible to the public by calling (415) 930-5321 and using access code: (520) 654-571. If you have issues connecting to or during the call, email SLGFD@nctreasurer.com.
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