The North Carolina Local Government Commission approved about $2.2 billion in local government borrowing.
Charlotte got the okay to sell $215 million of bonds for
The deal is expected to price May 21. BofA Securities will be lead underwriter. J.P. Morgan Securities and Siebert Williams Shank & Co. will serve as co-managers. The bonds are expected to be rated Aa3 by Moody's Ratings and AA-minus by Fitch Ratings.
The municipal advisor is DEC Associates.
The commission also approved $175 million of bond anticipation notes for the airport to fund a landside master plan, early bag storage, south ramp program, Federal Inspection Service facility renovations, terminal basement rehabilitation and the fourth runway. The BANs are a drawdown with a 36-month term. Bank of America is the lender.
The commission also approved Bank of America provide $530 million three-year BANs to Charlotte for expansion and improvements to the city's water and sewer system.
The commission approved $500 million of bonds for
These bonds are expected to be rated Aaa by Moody's and AAA by S&P Global Ratings.
The lead underwriter will be BofA Securities with co-underwriters J.P. Morgan Securities, PNC Capital Markets, Ramirez & Co., and Wells Fargo Securities.
State Auditor Dave Boliek, a commission member, said between the debt approved at the meeting and recent borrowings there's a "tremendous amount of borrowing. At some point Charlotte will reach its credit card limit."
A Charlotte official said he realized there was a lot of borrowing but it is needed to meet the city's growth.
The commission approved $350 million of electric service revenue refunding bonds for the North Carolina Municipal Power Agency No. 1.
The bonds are expected to be rated A by S&P and Fitch.
The bonds will mature in six years.
The lead underwriter will be BofA Securities and the co-underwriter will be Wells Fargo Securities. The municipal advisor is PFM Financial Advisors.
The commission approved $157.5 million of BANs for Raleigh to relocate the Red Hat Amphitheater and expand the Raleigh Convention Center.
PNC Bank will loan the city the notes, which will mature in three years.
The commission approved $134 million in limited obligation bonds for Johnston County to build a high school. The county will pay only interest for the first year of the 20 year bonds.
The bonds are rated Aa1 by Moody's and AA-plus by S&P.
Wells Fargo Securities is the lead underwriter and Robert W. Baird is the co-manager.
Davenport & Co. is the municipal advisor.
Finally, the commission approved $102 million of limited obligation bonds for Henderson County for a courthouse annex and other improvements. The bonds will mature in 20 years.
PNC Capital Markets is the lead underwriter. BofA Securities is the co-manager. DEC is the municipal advisor.
