CHARLOTTE, NC (AP) — One of Charlotte’s biggest companies is guaranteeing a $10 million line of credit for the 2012 Democratic National Convention.
The Charlotte Observer reports that the Duke Energy is guaranteeing the credit line through the Fifth Third Bank.
A Duke spokesman said the utility’s customers would not be on the hook for any unpaid money. That would be the responsibility of stockholders.
The head of the convention organizing committee says he thinks it’s possible the line of credit won’t even be used. Will Miller says the credit line would be used only for an emergency cash shortfall.
The credit line was just one piece of the puzzle required before the final contracts agreements were reached Friday to bring the convention to Charlotte.
Information from: The Charlotte Observer, http://www.charlotteobserver.com
(Copyright 2011 by The Associated Press. All Rights Reserved.)