North Carolina Local Government Commission

The North Carolina Local Government Commission is a part of the North Carolina Department of State Treasurer which was created after the Great Depression to assist local North Carolina governments in decision making involving large financing projects such as bond issues. The commission is chaired by the North Carolina State Treasurer.

Responsibilities

The Local Government Commission is responsible for approving, selling, and delivering all North Carolina bonds and notes.[1] In August 2021 legislation was passed which granted the commission the authority to revoke the incorporation of financially-troubled municipalities.[2]

History

The commission was involved in the controversial Carolina Crossroads project near Roanoke Rapids, North Carolina and was criticized for lack of rigor in its evaluation of the proposal.[3][4] In February 1997 the board assumed control over the finances of Princeville, the first time it had ever taken over the finances of a municipality.[5] In December 2021, it voted to revoke the incorporation of East Laurinburg, effective June 2022, the first time it ever used this authority, after finding evidence of impropriety in the town's financial management.[2][6]

References
  1. Stick, David (2006). "Local Government Commission". NCPedia. North Carolina Government & Heritage Library. Retrieved April 18, 2022.
  2. "North Carolina commission votes to dissolve a small town government". The Bond Buyer. December 8, 2021. Retrieved April 18, 2022.
  3. Don Carrington (May 22, 2007). "Panel Ignored Study, Approved Theater; Moore joined Local Government Commission members in vote". Carolina Journal.
  4. "N.C. Local Government Commission muffed a big one". Charlotte Observer. Jan 18, 2008. Retrieved 2008-01-20.
  5. "State Briefs : State takes over town's finances". Morning Star. February 5, 1997. p. 5B.
  6. Darrough, Mark (June 29, 2022). "NC town set to cease existence as state treasurer calls for criminal charges". Border Belt Independent. Retrieved July 20, 2022.

Further reading
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.