(The Center Square) – The North Carolina Local Government Commission (LGC) has approved millions of dollars in funding plans for local governments.
Some of the funding requests will cover upgrades and development projects, while others will help government units save more on existing loans.
Borrowing money allows governments to spread costs over several years instead of tapping into current cash flows or revenues to cover project expenses.
The LGC, which is chaired by State Treasurer Dale Folwell and made up of the State Department Treasurer, must oversee the finances of more than 1,100 local government units. The commission also approves loans for units after determining if they can afford to repay the debt.
The commission approved a number of refinancing requests on Tuesday.
The LGC has approved a $28.5 million private installment contract for Dare County Beach Renovations. The county needs to get 2.2 million cubic meters of sand for the unincorporated areas of Avon and Buxton. Dare County officials said the project would reduce storm damage and protect infrastructure and property values. The county would repay the loan over time and no tax increases are expected.
North Topsail Beach in Onslow County also won LGC approval for $9.5 million in special bonds to restore beaches damaged by Hurricanes Florence and Dorian.
The Federal Emergency Management Agency will repay a significant portion of the funding for the two beach projects.
The LGC approved a $15.1 million installment contract for Franklin County to upgrade its public first responder radio system and a $4.4 million private installment contract to install new metering equipment water and sewer and for new billing system software. No tax increase is planned for either project.
No tax increase will result from Cleveland County’s $8.5 million financing plan, approved Tuesday, to buy a building that would be sold to a business looking to move into the county.
The LGC has approved Hendersonville’s plan to increase an existing $9.4 million loan to $23.5 million. The additional funding would finance the construction of new intake and pumping stations along the French Broad and Mills rivers. The city in Henderson County also got the go-ahead to apply for $7.1 million in private revenue bonds to replace aging water and sewer lines.
Other funding requests approved by the LGC on Tuesday:
• Wake County Schools: $46 million in general obligations; saves $5.5 million in interest;
• Duplin County: $11.2 million in Limited Obligation Bonds; saves $118,000 in interest;
• Murfreesboro (Hertford County): $37,003 to replace and relocate a sewer lift station;
• Mocksville (Davie County): $314,493 for unforeseen infrastructure construction issues;
• Thomasville (Davidson County): $4.8 million in revenue bonds; saves $299,176;
• River Bend (Craven County): $130,310 to replace water meters in order to move the billing server;
• Oxford (Granville County): $4.7 million to replace water pipes;
• Carolina Beach (New Hanover County): $687,953 to install an HVAC system at the municipal complex.
