RALEIGH — The North Carolina Local Government Commission approved more than $1.85 billion in financing applications at its April 1 meeting.
Key approvals included $475 million in GARVEE bonds for the Triangle Expressway extension in Wake County, with $300 million funding construction of the I-540 outer loop around Raleigh and $175 million to refund existing bonds. The extension work includes an estimated 10 miles, from I-40 to south of Rock Quarry Road, and from south of Rock Quarry Road to I-87/U.S. Route 64.
The release also notes $175 million will be used to “refund existing GARVEE bonds to generate debt service savings for the state.”…