North Carolina General Statutes require that the Local Government Commission (LGC) approve most debt issued by units of local government and public authorities in the state. LGC approval is required for more than just issuing bonds; units of local government wishing to enter into certain contracts, MOUs, and other financing arrangements also require LGC approval. Information on applying for LGC debt approval, including flowcharts for determining when LGC approval is required, is available on our website.
Note that North Carolina Session Law 2022-53 (SB265) recently modified the thresholds for exception to LGC approval in N.C.G.S. 159-148. Under these changes, there are new lower limits for contracts and other financings requiring LGC approval for units on the most recent Unit Assistance List published by the Department of State Treasurer. This change is effective for all contracts entered into on or after October 1, 2022. Please see the Session Law for full details and changes.
Are you a local government or public authority in North Carolina that:
Wishes to apply for LGC approval of debt?
Is looking to determine if LGC approval of debt is necessary?
Needs information on the process of applying for LGC approval of debt?
Please let us know using the form below. Your inquiry will be directed to LGC staff and a member of our debt management team will follow up to discuss your project with you. If you have further questions on LGC approval of debt, please contact LGC staff at SLGFD@nctreasurer.com.
