Special to Iredell Free News
RALEIGH – The Local Government Commission (LGC) voted on Tuesday to approve more than $57 million in municipal financing requests that include construction and purchase of police and fire buildings and other municipal facilities.
LGC members approved the following items:
♦ Town of Mooresville: $46.5 million in limited obligation bonds to build a 50,000-square-foot police headquarters building; a 13,800-square-foot fire training facility; a 3,300-square-foot fleet services building; and to refund loans and bonds at lower interest rates to save more than $864,668. No tax increase will be required, and payments will be made from revenues to the General Fund. The LGC determined the financing was necessary to replace the existing police headquarters building, and to provide adequate public safety services throughout the town.
♦ City of Hickory: $7.5 million to construct a fire/rescue training tower for firefighters and recruits. Money also would be used to expand the Ridgeview Branch Library; install a synthetic turf field at Henry Fork River Park; upgrade 19 acres of Rotary-Geitner Park; and improve an access road into a proposed industrial park.
♦ Town of Spencer: $2.8 million to purchase a 20,000-square-foot building for conversion to a police department, town administration and Town Council meeting rooms.
♦ Town of Franklin: $400,000 to build a fire substation that will provide services closer to residents of the fire district.
The LGC is staffed by Department of State Treasurer personnel and must approve any borrowing sought by more than 1,300 units of local government and state government.
“The Local Government Commission serves a vital function by facilitating financing for government units, and vetting requests. Commission members make certain the projects are necessary, the amount being borrowed is adequate and reasonable, and the government unit can afford to repay the debt,” said Treasurer Dale Folwell, who chairs the LGC. “These projects will provide immediate and future benefits to those who teach, protect and otherwise serve in their communities.”
In addition to approving local and state government borrowing, the Local Government Commission oversees independent audits, and provides resources, guidance and oversight on topics ranging from annual budgets, internal controls and debt management to pension and other post-employment benefits such as health care.