The Local Government Commission has voted to take over the finances of Spring Lake, citing concerns the town might be in danger of default on November debt service payments totaling $221,385 without corrective measures. The rare action comes two months after a powerful warning to town officials they needed to get their budget and fiscal control practices in order.
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The Local Government Commission (LGC) has approved a request by the town of Clayton to seek an $80 million revolving loan provided by the state of North Carolina for a sewage treatment facility to accommodate rapid residential growth and industrial demands. But first the town and two major industrial users must reach agreement on protecting ratepayers should the industries’ usage demand — and payments — significantly decline from projections.
In a sweeping success story for local governments around the state, the Local Government Commission (LGC) has removed 38 entities from its Unit Assistance List (UAL), a monitoring device that flags and tracks local governments and public authorities battling financial and governance challenges.
The LGC, which is chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST), recently announced that the 27 towns, eight counties and three utility districts had made such significant improvements that they were no longer included on the list.
I’d like to thank Gov. Roy Cooper for signing SB 314 - the Local Government Commission “Tool Kit” into law. This important legislation will give the LGC more means to help local government units exhibiting fiscal distress. Much appreciation goes to Sen.
State Treasurer Dale R. Folwell, CPA, announced today the awarding of $252.6 million in Grant Anticipation Revenue Vehicle Bonds (GARVEE bonds). GARVEE bonds are revenue bonds that allow the state to pledge future federal highway funds to pay debt service. The funds will be used to accelerate construction on a variety of N.C. Department of Transportation projects.
The Local Government Commission (LGC) has approved a request from Wake County to finance nearly $600 million for school and community college construction and renovation.
The Local Government Commission (LGC) has voted to assume full control of all finances of Spring Lake if, among other actions, the Board of Aldermen impedes an investigation by the Office of State Auditor into questionable financial activities or withholds information from the commission.
State Treasurer Dale R. Folwell, CPA today announced the pricing of $132.025 million worth of State of North Carolina limited obligation refunding bonds (LOBs). The LOBs true interest cost is .7% representing a net present value savings of $23.6 million and is the lowest interest rate ever obtained by the state for a LOB. The bonds are scheduled to close on August 5, 2021.
The Local Government Commission (LGC) has approved up to $3 million to assist 15 local government units in assessing and inventorying their water and sewer assets as part of a process to determine long-term viability needs. The studies could lead to more cost-effective and efficient regionalized services.
After years of imprudent financial practices, the towns of Spring Lake and Scotland Neck passed responsible budgets this week, prompting State Treasurer Dale R. Folwell, CPA, to praise their action and to applaud the Local Government Commission’s (LGC) financial accountability agreement system that played a role in the turnaround.