South Mecklenburg News

North Carolina higher education institutions, agriculture, safety, water and sewer infrastructure and parks will have access to an additional $400 million after the state approved the borrowing. 

"The state approved $400 million in bonds, part of the Connect North Carolina bond program passed by the Republican-led legislature in 2016 and signed by Gov. Pat McCrory, to support higher education institutions, agriculture, parks, safety and local water and sewer infrastructure," Rep. Craig Horn (R-Union) said in an Aug. 5 Facebook post. 

The Council of State approved the resolution on Aug. 4, with one member voting against the $400 million in bonds because she believed there wasn't enough time to review the resolution, the Center Square reported. Labor Commissioner Cherie Berry wanted voted to postpone to vote to September. 

But others believed it was the right time to address the bonds. 

“We would probably anticipate it being like that for at least the next six months, but I would hate for it to go away, potentially meaning that we would get a higher interest rate in the future,” State Budget Director Charlie Perusse said, The Center Square reported. 

The bonds will help update North Carolina's public facilities to 21st Century standards by "[enhancing] the state’s economic development efforts and [attracting] new and assist existing industry, business, technology and tourism," The Center Square reported.

Of the $400 million, $350 million is going toward college construction, renovation and repairs, The Center Square reported. 

“The projects in the higher education space are almost all health and science-related,” Perusse told the Center Square. “... Those were buildings that were approved by the voters in the higher education area and, quite frankly, the university system is sort of moving the projects along very quickly and doing a good job.”