In a resolution adopted by Local Government Commission (LGC) members on Tuesday, Dec. 3, the Edgecombe County town of Speed was directed to contract with public accountants or other entities to fulfill the finance officer’s duties and to confirm the action within 30 days. Town staff must open its accounting records to LGC personnel working to assist them. Failure to comply with provisions of the resolution could result in the LGC assuming control of Speed’s financial affairs, and potential dissolution of the town’s charter. The town’s population is about 60 residents, and the median age is 67 years old.
State Treasurer Dale R. Folwell, CPA, chairs the LGC, which is staffed by the Department of State Treasurer (DST). The Commission has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.
In other items on the agenda, the town of Pineville (Mecklenburg County) received approval from the Local Government Commission (LGC) for $16.5 million in financing to pay for construction and equipping of a new fire station.
The Pineville application is for an installment purchase, which allows the municipality to pay costs of the work over time instead of all up front. A property tax increase of 1 cent per $100 will be levied to pay for the 28,000-square-foot building. The town of about 11,000 residents, which hails as the birthplace of the 11th U.S. President James K. Polk, says the new facility will improve emergency response capabilities as the town continues to grow from its 2010 population of about 7,500. The project is expected to be completed in the summer of 2026.
Brunswick County got a green light for a $33 million refunding of revenue bonds originally issued for sewer projects. Based on current market rates, the refunding is expected to save the county more than $1.3 million.
Inlivian (Mecklenburg County) was given LGC approval of $26 million in conduit revenue bonds. This type of financing allows the issuer to loan money to a third-party. The housing authority will loan proceeds from the bond issue to Sycamore Station II. It will help to pay for the cost of acquisition, construction and equipping a 168-unit housing development for low- and moderate-income residents.
The LGC signed off on a $2 million installment purchase project for Duck (Dare County) to finance a $2 million installment purchase for three parcels of land totaling 1.5 acres. The properties will be used for an as-yet undetermined public purpose that could include parking, park space and/or public facilities. Town officials say the municipality lacks sufficient land for those amenities.
LGC members gave a thumbs up to a request from Carolina Beach (New Hanover County) for a nearly $2 million installment purchase. The money will be used to demolish a deteriorating public restroom at the town boardwalk and construct a new facility that is accessible to individuals with disabilities.
The city of Wilson (Wilson County) received the go-ahead for a $400,000 State Revolving Fund loan from the state Department of Environmental Quality to conduct lead service line inventories. The surveys are required under U.S. Environmental Protection Agency and DEQ regulations. The intent of the inventories is to identify where lead water lines are located in anticipation of replacing them to protect public health.