The North Carolina Local Government Commission is a part of the North Carolina Department of State Treasurer which was created after the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
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
The North Carolina State Treasurer is a statewide elected office in the U.S. state of North Carolina responsible for overseeing the financial operations of state government. The current state treasurer is Dale Folwell.
The office of state treasur ...
.
Responsibilities
The Local Government Commission is responsible for approving, selling, and delivering all North Carolina bonds and notes. In August 2021 legislation was passed which granted the commission the authority to revoke the incorporation of financially-troubled municipalities.
History
The commission was involved in the controversial
Carolina Crossroads
Carolina Crossroads is a planned entertainment development near Roanoke Rapids, North Carolina located near the intersection of I-95 and US 158. The development was hoped to bring new jobs to the area which had been affected in recent years as te ...
project near
Roanoke Rapids, North Carolina
Roanoke Rapids () is a city in Halifax County, North Carolina, United States. The population was 15,754 at the 2010 census. It is the principal city of the Roanoke Rapids Micropolitan Statistical Area, and is also an anchor city of the Rocky Mo ...
and was criticized for lack of rigor in its evaluation of the proposal. 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. 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.
References
Further reading
* Coe, Charles K. (2007). Preventing Local Government Fiscal Crises: The North Carolina Approach. ''Public Budgeting & Finance
''Public Budgeting & Finance'' is a quarterly peer-reviewed academic journal published by Wiley-Blackwell on behalf of Public Financial Publications. The journal was established in 1981 under Allen Schick, with the aim of integrating the interd ...
'', Volume 27, Issue 3, pages 39–49, Fall 2007.
*
* 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
External links
Official site
Government of North Carolina
Local government in North Carolina
State and local government commissions in the United States