Local Government Commission to consider Wilmington, Brunswick County financing requests

NEW HANOVER COUNTY, NC (WWAY) — The Local Government Commission is scheduled to meet Wednesday to review several financing requests, including proposals tied to projects in Wilmington and Brunswick County.

The commission is responsible for approving most debt issued by local governments and public authorities in North Carolina. The group reviews whether borrowing amounts are reasonable and whether governments can repay the debt, while also monitoring the financial health of more than 1,100 local government units.

One item on the agenda involves the City of Wilmington, which is seeking approval to issue up to $73.5 million in limited obligation bonds.

According to staff analysis, the funding would support multiple projects, including street, sidewalk and accessibility improvements, construction of a parks maintenance complex, upgrades to Water Street Park and the purchase of 800 megahertz radios. A portion of the funding would also be used to refinance existing debt tied to prior installment contracts.

Officials say the projects are considered necessary for city operations and public services. The proposal indicates no tax increase is anticipated, with debt payments expected to come from the city’s debt service fund.

The financing plan includes varying repayment terms depending on the project, with some extending up to 20 years. A negotiated public sale is scheduled for April 22.

The agenda also includes a request from Brunswick County for more than $8.5 million. The funding would go toward evaluation and rehabilitation of the Southport wastewater system.

The Local Government Commission will review and decide whether to approve the requests during its meeting.