RALEIGH — The North Carolina Local Government Commission approved more than $1.85 billion in financing applications at its April 1 meeting.
Key approvals included $475 million in GARVEE bonds for the Triangle Expressway extension in Wake County, with $300 million funding construction of the I-540 outer loop around Raleigh and $175 million to refund existing bonds. The extension work includes an estimated 10 miles, from I-40 to south of Rock Quarry Road, and from south of Rock Quarry Road to I-87/U.S. Route 64.
The release also notes $175 million will be used to “refund existing GARVEE bonds to generate debt service savings for the state.”
Large approvals included Wake County’s request for $305 million in limited obligation bonds, primarily for a new EMS facility in Cary; the city of Raleigh’s ask for $264 million for transportation, parks, recreation and housing projects; and Johnston County’s $150 million for school and community college construction and expansion projects.
Other major approvals included $110 million for Raleigh to redeem prior bond anticipation notes, $100 million for Cape Fear Public Utility Authority’s water and sewer projects, and $93 million for Charlotte to reimburse itself for transportation property purchases.
Other items approved by the LGC:
- •$780K, Belmont: Sports field lighting systems
- $3M, Nags Head: Property acquisition for fire station and lifeguard housing
- $5M, Lillington: New fire station construction
- $6.8M, High Point: Truist Point stadium renovations
- $8.6M, Dunn: Water storage and sewer infrastructure improvements
- $11M, Perquimans County: New intermediate school construction
- $12.5M, Rockingham County: School roof and HVAC renovations
- $22M, Elizabeth City: Walker Landing rehabilitation for affordable housing
- $22M, Inlivian: 140-unit affordable housing on Pineville Road in Charlotte
- $28.4M, Inlivian: 200-unit affordable housing on North Tryon Street in Charlotte
- $30M, Johnston County: Cleveland High School addition, manufacturing training center
- $37M, N.C. Medical Care Commission: Twin Lakes Community expansion in Burlington
- $60M, Buncombe County: Bond refinancing and Hurricane Helene recovery
- $86.5M, Harnett County: New Flatwoods Middle School construction
- $93M, Charlotte: O-Line and Red Line Gateway Station property reimbursement
State Treasurer Brad Briner also announced last week that the state has retained its AAA rating on its outstanding general obligation bonds. Briner noted only 14 states held that rating in 2024.
“North Carolina has a long history of conservative fiscal oversight,” Briner said in a press release. “Even with the challenges from Hurricane Helene, economists recognize the state, through solid legislative leadership, was able to maintain a strong Rainy Day Fund and with a budget surplus.”
In his press statement, Briner cited Moody’s rating announcement as noting North Carolina’s financial position remains very strong with $25 billion in reserves.
