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State regulators OK city GO bonds, Carolina Village borrowing

The state Local Government Commission on Tuesday authorized Carolina Village's plan to borrow $50 million to refinance debt, pay for sewer improvements and cover costs of a new 60-unit assisted-living building, shown in a rendering.

By Lightning Reports, Published: July 8, 2026

The state Local Government Commission on Tuesday authorized the $10 million road improvement bond issue Hendersonville city voters approved on March 3 and gave the green light to Carolina Village's plan to issue $50 million in revenue bonds.

Chaired by State Treasurer Brad Briner, the LGC has a statutory duty to approve debt issued by cities and counties and public authorities in the state and monitors the financial well-being of more than 1,100 local government units.   

Proceeds from the Hendersonville road bonds will be used to pay for "widening, extending, paving, resurfacing, grading and improving streets and sidewalks, including ... curbs, gutters, drains, bridges, overpasses, crossings, lighting, traffic controls, signals and markers, bicycle lanes and landscape, streetscape and other improvements," an LGC staff analysis said. The LGC noted that while a 2-cent property tax increase "was included in the ballot language, based on current projections for growth in assessed value, the city does not anticipate needing to increase the tax rate to pay for this debt."

Carolina Village received approval to issue $50 million in revenue bonds to fund refinancing of older debt, pay for improvements to its sewer system and cover pre-construction and development costs for its new 60-unit independent-living apartment building. The bonds would be issued through the North Carolina Medical Care Commission, which allows nonprofit health care and senior living facilities to borrow at lower tax-exempt rates. Carolina Village is licensed to operate 370 independent-living units, 60 assisted living-units and 58 skilled nursing beds on its campus off Four Seasons Boulevard near I-26.