Local Government Commission approves financing requests across North Carolina
RALEIGH — The North Carolina Local Government Commission approved financing requests June 9 for public projects across the state, including arena upgrades, school construction, infrastructure, housing, beach renourishment and local government facilities.
The commission, chaired by State Treasurer Brad Briner and staffed by the Department of State Treasurer, reviews most debt issued by local governments and public authorities in North Carolina. The commission examines whether proposed borrowing is adequate and reasonable and whether the government unit can afford to repay the debt.
Among the largest items approved was a Centennial Authority request for $200 million in bond anticipation notes to continue improvements at the Lenovo Center. The authority also received approval for $109 million in revenue bonds to provide permanent financing and pay off interim 2024 bond anticipation notes used for the first phase of construction and improvements.
The commission also approved $200 million in limited obligation bonds for Cabarrus County for a new high school and elementary school. According to the Department of State Treasurer, the request is tied to increased enrollment in the district and would be funded by the county’s general fund.
Other approvals included $220 million in revenue bonds for Greensboro water and wastewater projects, $58 million in limited obligation bonds for a new Robeson County health department building, $56.5 million in limited obligation bonds for Dare County beach renourishment and $40 million in limited obligation bonds for Asheville infrastructure repairs, maintenance and upgrades.
The commission also approved financing for public utility, housing, airport, higher education and local facility projects. Those included Cape Fear Public Utility Authority water main work, Cumberland County equipment for the Crown Expo Center and Crown Coliseum, Moore County Airport Authority corporate aircraft hangars and Wilmington Housing Authority redevelopment of low-income housing.
The Department of State Treasurer said Rocky Mount officials also appeared before the commission for a monthly update on the city’s finances. The city has been at risk of running out of cash, and the commission has been closely monitoring the situation.
The commission also received an update on savings from a 2025 resolution pre-approving certain local government refunding bond applications. Since the resolution passed, cities and counties have saved more than $14 million, according to the department.
The next Local Government Commission meeting is scheduled for July 7.
Editor’s note: This article was drafted with the assistance of artificial intelligence and was reviewed and fact-checked by a member of the NC Political News editorial team before publication.
