The Local Government Commission (LGC) has approved a $275.67 million bond to support Duke Health System’s acquisition of Lake Norman Regional Medical Center. The hospital will now operate under the name Duke Health Lake Norman. The bond, a tax-exempt conduit revenue bond issued by the N.C. Medical Care Commission (NCMCC), allows the issuer to lend the proceeds to third parties, including Duke Health. The funds will be used to repay interim financing and lines of credit related to the hospital system’s purchase of the Mooresville-based medical center and its associated businesses, according to the N.C. Department of State Treasurer.
In addition to Duke Health’s financing, the LGC approved three separate NCMCC funding requests totaling $675 million. These approvals include $395 million to be loaned to Deerfield Episcopal Retirement Community for facility improvements in Asheville, and a $29 million bond for the Durham Housing Authority to support the development of a multi-family housing project providing affordable housing in the local community.
Another LGC-approved project involves a third NCMCC bond for United Health Centers, which will fund the acquisition, renovation, and equipping of the 8,750-square-foot South Side Center Clinic in Winston-Salem. This project is part of ongoing efforts to support upgrades and expansions in healthcare infrastructure across North Carolina.
The N.C. Treasurer’s office also reported other LGC-approved conduit revenue bonds, including funding for housing authorities to support the development of low- and moderate-income housing. Projects in counties such as Durham, Buncombe, and Gaston will include hundreds of new residential units intended to provide housing for lower-income households.
The LGC also approved limited obligation bonds for a new elementary school in Wilson County and supported Robeson County’s plans to build and equip a new technical school. These bonds are intended to support local educational infrastructure and workforce development initiatives.
The LGC also approved additional projects across the state, including bonds and funding for sewer improvements in Sanford, medical facility expansion in Henderson County, and infrastructure upgrades in New Bern, Clayton, and other localities. Each project addresses specific local needs and contributes to ongoing development throughout North Carolina.
