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.
Structure and responsibilities
[edit]The Local Government Commission is a subagency within the North Carolina Department of State Treasurer.[1][2] The body is made up of nine members: the state treasurer, who serves as its chair; the state auditor, the secretary of state, the secretary of revenue, three gubernatorial appointees, one State House appointee, and one State Senate appointee.[2]
The commission is responsible for approving, selling, and delivering all North Carolina bonds and notes.[3] It is empowered by statute to revoke the incorporation of financially-troubled municipalities.[4]
History
[edit]The commission was created by the North Carolina General Assembly in 1931.[2] It 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.[5][6] 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.[7] 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.[4][8]
References
[edit]- ^ Parker 2013, pp. 694, 713.
- ^ a b c Vaillancourt, Cory (November 9, 2022). "NC's Local Government Commission returns to its roots in Western North Carolina". Smoky Mountain News. Retrieved June 22, 2023.
- ^ Stick, David (2006). "Local Government Commission". NCPedia. North Carolina Government & Heritage Library. Retrieved April 18, 2022.
- ^ a b "North Carolina commission votes to dissolve a small town government". The Bond Buyer. December 8, 2021. Retrieved April 18, 2022.
- ^ Don Carrington (May 22, 2007). "Panel Ignored Study, Approved Theater; Moore joined Local Government Commission members in vote". Carolina Journal.
- ^ "N.C. Local Government Commission muffed a big one". Charlotte Observer. Jan 18, 2008. Retrieved 2008-01-20. [dead link]
- ^ "State Briefs : State takes over town's finances". Morning Star. February 5, 1997. p. 5B.
- ^ 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.
Works cited
[edit]- Parker, Adam C. (January 2013). "Still as Moonlight: Why Tax Increment Financing Stalled in North Carolina". North Carolina Law Review. 91 (2): 661–719.
Further reading
[edit]- Coe, Charles K. (2007). Preventing Local Government Fiscal Crises: The North Carolina Approach. Public Budgeting & Finance, Volume 27, Issue 3, pages 39–49, Fall 2007. doi:10.1111/j.1540-5850.2007.00879.x
- Fehr, Stephen C. (June 6, 2012), "North Carolina Agency Is Local Government Lifeline", Stateline, Pew Center on the States
- Fesler, James W. (1941). North Carolina's local government commission. National Municipal Review, Volume 30, Issue 6, pages 327–334, June 1941. doi:10.1002/ncr.4110300606