LGC approves financing package for Tabor City School
TABOR CITY, N.C. (WECT) - The Local Government Commission (LGC) has approved a $27.9 million financing package sought by Columbus County for the construction of Tabor City School.
”Columbus County Schools, a 5,600-student district encompassing 17 schools, will use a loan from the U.S. Department of Agriculture to fund construction of the two-story school,” the N.C. Department of State Treasurer stated in a news release. “It will make payments on an installment purchase contract over time without the need for a tax increase.
“The LGC’s approval of that financing method was necessary due to the commission’s statutory duty to review and approve most debt issued by more than 1,100 local government units.”
The commission determines whether the amount of money borrowed is adequate and reasonable for proposed projects and confirms that the governmental units can reasonably afford to repay the debt.
“These are the types of projects LGC members are pleased to approve after careful vetting to ensure they are in the best interests of taxpayers and residents,” said State Treasurer Dale R. Folwell, CPA, who chairs the LGC. Department of State Treasurer employees staff the LGC. “This project will provide students with a modern building and state-of-the-art classrooms in which they have an opportunity to learn in an educational environment they deserve regardless of the zip code where they live.”
The LGC also approved several cost-saving refinancing and refunding proposals at lower interest rates, including:
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