State approves $600M in borrowing for North Carolina municipalities

Charlotte is poised to borrow greater than $100 million for public security and housing growth initiatives.

North Carolina’s Native Authorities Fee (LGC) unanimously accepted Charlotte’s plan Tuesday to borrow practically $125 million for police and fireplace stations, a police helicopter and to fund different capital enchancment initiatives. The Charlotte Housing Authority additionally obtained unanimous approval to borrow greater than $40 million in bonds for 2 multiple-family housing developments.

The LGC, which is chaired by State Treasurer Dale Folwell, and staffed by the Division of State Treasurer, should monitor the funds of greater than 1,100 native authorities models. The fee additionally approves borrowing for the models after figuring out whether or not they can afford to repay the debt. The fee accepted practically $600 million in refinancing requests Tuesday.

Charlotte plans to construct three new police stations and a brand new fireplace station and to accumulate land for future fireplace stations. Its different initiatives embody an animal care and management facility renovation, and town additionally will purchase a brand new fleet restore station. The financing wouldn’t result in a tax improve for metropolis residents. The debt service will likely be paid from revenues to the Municipal Debt Service Fund.

Residents in Garner will see a property tax price improve of as much as 2 cents per $100 of valuation underneath a financing plan accepted Tuesday by the LGC. The fee green-lighted Garner’s plan to promote $69 million usually obligation bonds.

Greater than $35 million could be used for brand spanking new parks and greenways and to enhance current ones. One other $24 million could be used for brand spanking new streets, bike lanes and sidewalks, and $6.5 million would pay for the development and enlargement of public security amenities. The remaining $2.9 million could be spent on stormwater enhancements.

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Morrisville householders will see a property tax improve of as much as 3 cents per $100 of valuation underneath the city’s plan. The LGC accepted $37 million within the sale of normal obligation bonds for parks and recreation enhancements, building, transportation initiatives, new fireplace stations and different public security enhancements. The city’s inhabitants elevated by 68.9% from 18,745 in 2010 to 31,670 in 2019, in response to U.S. Census Bureau knowledge.

The LGC accepted $13.5 million usually obligation bonds for Mount Holly. It might result in a 7.5 cents per $100 of valuation property tax improve for residents. The cash will likely be used for land to attach town’s greenway system and new parks.

Different financing requests accepted Tuesday by the LGC:

• Lincoln County: $20 million to construct an emergency administration constructing;

• Nash County: $16 million for a brand new detention middle;

• Shelby: $10 million for streets and sidewalks;

• Vance County: $5.1 million for upkeep initiatives at a number of faculties;

• Dare County: $3 million to buy land for an emergency administration service station and youth middle;

• Brevard: $2.3 million to construct a brand new group middle constructing and parking zone;

• Elizabethtown: $2 million for road restore and resurfacing.

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