Well, that was quick.
State Reps. Nelson Cole of Reidsville and Charlotte’s Becky Carney are unable or unwilling to see that allowing NC DOT to effectively issue $50m. worth of state debt to help finish 485 leads to weakening state controls on debt and — eventually — to a lower credit rating for the state.
Meanwhile, I am more certain than ever that when NC DOT gets its first round of proposals from contractors and their banks those proposals will include some sort of state guarantees of that debt. And Cole and Carney and their ilk will not care.
