LGC Approves Johnston County School Bonds
RALEIGH, N.C. — The Local Government Commission (LGC) on Tuesday approved multiple financing requests, with Johnston County receiving the largest local allocation for school construction and refinancing.
Johnston County was authorized to issue $134.5 million in limited obligation bonds to fund the design and construction of a new school building and to demolish the existing Clayton High School and related structures. Officials said the new facility will provide modern learning spaces, improved safety features and capacity for more than 2,000 students in a rapidly growing area. No tax increase is anticipated.
In a separate action, the LGC approved about $12.3 million in general obligation bond refinancing for Johnston County schools, a move expected to generate debt service savings.
The commission also approved a financing request from the city of Goldsboro, authorizing a $3.8 million installment financing contract. Proceeds will be used to purchase vehicles and install equipment for use by multiple city departments.
The Town of Speed in Edgecombe County also received approval for its plan of action related to the distribution of town assets as it moves toward voluntarily surrendering its charter. The town, which has about 63 residents and was incorporated in 1901, has faced longstanding financial compliance issues.
Under the approved plan, town-owned property will be transferred to Edgecombe County and the Speed Volunteer Fire Department. Approximately $42,000 in cash on hand will also be transferred to Edgecombe County. County officials said they plan to form a “Historic Town of Speed Committee” to advise on the use of the funds for community benefit. Anticipated tax receipts and personal property will also transfer to the county. The town has no known outstanding debt or contractual obligations.
State Treasurer Brad Briner chairs the LGC, which is staffed by the N.C. Department of State Treasurer. The commission reviews most local government debt to determine whether borrowing is reasonable, affordable and appropriate, and it monitors the financial condition of more than 1,100 local government units across the state.
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Tax and Spend. Tax and Spend. Tax and Spend. $134.5 million in debt for you and your children.
And you keep voting and re-electing the same people/party. #voteOutIncumbents #reapWhatYouVote.
Just my thoughts but the entire voting system is irreverent because we cannot stop their agenda. They roll out these politicians so we are lead to believe we have a voice and someone representing us yet time after time each one falls in line continuing their agenda. The voting system is no different than a company saying your opinion matters so please take a brief survey. We all know what to expect when giving an opinion.
@Dan: And you demonstrate *EXACTLY* what’s wrong. Your apathy gives them power. Companies *DO* cave to the public’s demands: New Coke is the classic example.
If you’ve been voting for the same people and party time after time, maybe it’s time for *YOU* to change? #voteOutIncumbents #reapWhatYouVote
I don’t have the energy for a meaningless back and forth that yields absolutely no positive results. I’m at peace with people believing that we can vote our way into change and beat the corrupt politicians and mockingbird media. If there is ever another Jan. 6th, I sincerely hope you are front and center with these strong held beliefs.
MOVE !!
Let me help… PLEASE MOVE!! Thought maybe some Southern pleasantries around it may help.
So let me see if I’m understanding this correctly, they began construction on this multimillion dollar high school without even having the funds to complete it before they started? Talk about fiscal irresponsibility… be ready for property taxes to be rising again. What a bunch of financial nincompoops.
Agree !! We the people didn’t ask for any of this, actually we would have voted against most everything the past 20 years in the county. The elected have ruined it !! And they aren’t stopping, nobody is actually standing up .
still sorely disappointed the people here actually voted to throw even more money at hateful, corrupt, failing public schools
@nate: Your disappointment is misplaced. You should be upset at the more than 80,000 JoCoers who voted for, and re-elected this clown show.
It’s crazy we got millions for schools but the kids aren’t learning half the stuff we learned or did and so I guess a new building with teachers who don’t want to be there bc of pay and we’re made at them and it’s not there fault there limited on supplies bc of crap like this make it make since and you need to start with Selma elementary first !
Wasn’t it a So called “North Carolina EDUCATIONAL Lottery”. EXACTLY What Percentage is the Going to Education? They keep adding More Games, therefore MORE Money is coming into the Lottery. They used the Word “Educational” to Blindside Everybody. There needs to be BIG Changes of Who Our Representatives are for our Taxpayer Money.