Local Government Commission Approves Request To Finance Fourth Runway

This week, the Local Government Commission (LGC) approved the financing request from the city of Charlotte that will provide funding for the construction of the fourth runway at Charlotte Douglas International Airport. The request for this project was $1.5 billion.  

Charlotte Douglas, the world’s seventh-busiest airport for takeoffs and landings, according to industry rankings, is building the runway to address capacity and to meet future demands. The LGC vote authorized Charlotte to issue $215 million in revenue bonds for the runway work. The commission also approved $175 million in revenue bond anticipation notes for existing runway rehabilitation, work on the terminal and other projects at the airport. 

State Treasurer Brad Briner chairs the LGC. The commission is staffed by the Department of State Treasurer (DST) and has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.