BRADENTON, Fla. – South Carolina will assist the Boeing Co. again with financing its assembly plant in North Charleston.

The State Budget and Control Board approved the issuance of $120 million in general obligation state economic development bonds June 18 to assist with the expansion of Boeing’s 787 Dreamliner assembly plant.

The state treasurer will sell the bonds. No other information was available about the financing plan.

The bonds are part of an incentive package approved by South Carolina General Assembly as a companion to Boeing’s plan to spend an additional $1 billion at the North Charleston plant and hire 2,000 more employees.

In October 2009, Boeing selected a 240-acre site near Charleston International Airport for its new 787 Dreamliner final assembly and delivery line. The company broke ground on a 1.2 million-square-foot facility in November that year.

In March 2010, the state sold $270 million of GO bonds to assist Boeing with road improvements, site preparation, and construction of the assembly plant. The plant began production in July 2011.

Boeing touts the 787 Dreamliner as a more efficient, quieter aircraft with lower emissions than other airplanes. The 787 can carry 210 to 330 passengers on flights up to 8,500 nautical miles.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.