North Carolina LGC approves about $320 million in bonds

North Carolina’s Local Government Commission approved about $320 million in bonds and $15 million of other financings, such as state revolving loans and installment purchases.

The commission, headed by State Treasurer Dale Folwell, approved $73 million of limited obligation bonds for Rowan County to repair and replace school facilities in the Rowan-Salisbury school system and the Kannapolis City Schools. The county will use general fund money to repay the bonds and doesn’t anticipate a tax increase.

The commission also approved Macon County issuing $69 million in limited obligation bonds to assist financing the construction of a high school, expected to cost over $100 million. The county has lined up a $62 million state need-based capital fund grant for additional funding.

The Local Government Commission voted unanimously to discuss two Cabarrus County bond requests in separate agenda items at its October meeting. Cabarrus County has been seeking approval for $42 million in bonds since July, with some of the money to be used to build a human services center and some for buying land for and building a regional behavioral health center.

The LGC approved the Onslow County Water and Sewer Authority’s request for $35 million of revenue bonds for a seven-mile sewer main and construction of two pump stations.

The commission approved the North Carolina Medical Care Commission’s request for $35 million in conduit revenue bond. EveryAge, a not-for-profit that owns and operates continuing care retirement communities, will use the proceeds to purchase skilled nursing and assisted-living portions of a retirement community.

The commission OK’d $28 million of limited obligation bonds for Lee County to build a library in O.T. Sloan Park and to purchase emergency communications equipment.