Debt Reports and Notices
The Secretary of the Local Government Commission (the “LGC”) is required to notify each local government and public authority not later than May 1 of each year of its debt service obligations to assist them with their budget preparation for the upcoming fiscal year. (See General Statute §159-35(a)). Debt obligations that do not require LGC approval are not included on this notice.
The current fiscal year information is provided in the link below entitled, “Annual Debt Payment Notices as of June 30, 2020.” Also labelled as Form LGC 129, the “LGC129” notice can also be found in Column K of the “Bond Link Information” spreadsheet. Any questions or comments regarding the LGC129 report should be sent to LGC129@nctreasurer.com.
The individual payment schedules (Bond/Debt Ledgers) are also available in Column L of the “Bond Link Information.” Annual debt payments and the total debt outstanding by fiscal year (Annual Requirements) can be found in Column M.
The staff of the Local Government Commission (LGC) notifies units of most debt service obligations by sending a notice at least 30 days prior to the due date of each payment stating the amount payable, the due date, where payment is to be sent, and a summary of legal penalties rendered for non-compliance.
The LGC131 Debt Service Reminder is sent monthly by email to units with debt service obligations due. Units are required to report payment information to the Secretary of the LGC using the LGC131 Debt Service Notice form. Notices are not sent for certain debt obligations that did not require approval by the LGC (motor vehicles, voting machines, etc. - see GS 159-148(b)).
|§ 159-136. Issuing unit to make and report debt service payments.
The finance officer of each unit having outstanding bonds or notes shall remit the funds necessary for the payment of maturing installments of principal and interest on the bonds or notes to the fiscal agent or agreed upon place of payment in sufficient time for the payment thereof, together with the agreed upon fiscal agency fees, and shall at the same time report the payment to the secretary on forms to be provided by the Commission. (1931, c. 60, s. 27; 1971, c. 780, s. 1.)
Monthly debt service requirements can be found in Column N on the "Bond Link Information" spreadsheet in the following section.
Questions regarding the LGC131 form and other issues related to monthly debt notices and reports may be sent to LGC131@nctreasurer.com.
An Excel spreadsheet containing links to reports associated with debt issuances, monthly and annual debt requirements, outstanding debt, and debt limitations for local governments and for the State. (Note: You must ensure you click "Enable Content" a the top of the spreadsheet if prompted, otherwise you will get an error message and be unable to use the "Find Unit" functions)