RALEIGH — The North Carolina Local Government Commission approved financing packages for health care infrastructure and airport improvements during its May 6 meeting.
The Local Government Commission (LGC), chaired by State Treasurer Brad Briner, authorized more than $870 million in bonds for Duke University Health System and Charlotte Douglas International Airport, among other projects across the state.
Duke University Health System’s (DUHS) request for $540 million in conduit revenue bonds was approved following a green light from the North Carolina Medical Care Commission. This type of bond will allow the Medical Care Commission to loan the bond proceeds directly to DUHS.
DUHS plans to use the funds to refinance previous bonds and reimburse itself for expenses for an expansion in Cary, including a new medical office building, supporting infrastructure, a freestanding emergency department, ambulatory surgery center and specialty clinics.
In a related health care financing decision, the Medical Care Commission also received approval to issue $50 million in conduit revenue bonds for Maryfield, Incorporated, which operates as Pennybyrn at Maryfield in Guilford County. The 173-bed independent living facility will use the proceeds to refinance existing bonds and to fund campus improvements like mechanical systems, roofing, paving and construction of a storage/maintenance building.
The city of Charlotte was given approval for $330 million in revenue bonds to support expansion of terminals, runways, concourses and infrastructure at Charlotte Douglas International Airport, the world’s seventh-busiest airport. The funding package includes refinancing a previous bond issue, which is expected to result in $3.5 million in net present value savings.
In addition to the significant health care and airport projects, the LGC approved several other funding requests:
- $70 million, Pitt County: Greenville Utilities Commission revenue bonds for Combined Enterprise System projects including electrical transmission upgrades, substation additions, community solar system, sewer plant upgrades and natural gas plant improvements.
- $43 million, Wake County: Raleigh Housing Authority conduit revenue bond to finance Tryon Flats, a 220-unit low- and moderate-income multifamily residential rental facility.
- $33.6 million, Forsyth County: Two-thirds general obligation bonds for school and park maintenance, new Ashley Elementary School construction, Forsyth Technical Community College improvements, Law Enforcement Detention Center work and library renovations.
- $31 million, Camden County: Private sale of general obligation bond anticipation note for construction of new Camden County High School and Camden Early College High School.
- $29.5 million, Brunswick County: Oak Island revenue bonds to refinance prior sewer project bonds, expected to yield $1.2 million in savings.
- $9 million, Rockingham County: City of Eden State Revolving Fund loan for wastewater treatment system improvements, including replacement of an inefficient aeration basin.
- $4.5 million, Henderson County: Hendersonville State Revolving Fund loan for water and sewer line replacement.
- $1 million, Pasquotank County: Financing arrangement to lease four transfer trucks for solid waste transportation.
- $637,519, Gaston County: Stanley installment purchase for a fire pumper truck with specialized aerial capabilities.
- $594,703, Wilkes County: Wilkesboro lease agreement for 11 fleet vehicles.
- $578,409, Wilkes County: Additional Wilkesboro lease agreement for 13 vehicles.
- $360,000, Stanly County: Norwood lease agreement for seven police vehicles.
- $100,000, Robeson County: Lumberton loan from N.C. Department of Environmental Quality to conduct required inventory of water lines for lead detection.
