If you follow the news in North Carolina, sooner or later you will come across a reference to the “Local Government Commission” or “LGC.” According to the NC State Treasurer’s website, the Local Government Commission “approves the issuance of debt for all units of local government and assists those units with fiscal management.” Once approved, a financing agreement is drawn up and the commission sells the local government entity’s debt to investors in the capital markets. The commission also keeps tabs on the financial status of local government entities throughout the state. “Today, the Commission continues to oversee local government borrowing, protect the creditworthiness of local governments, and safeguard taxpayers and investors,” she said.