We wanted to highlight one item from our 2026 Summit with ongoing benefits for charter schools in the facility financing realm. Those of you who were with us will recall that Jeff Poley from the State Treasurer’s Office joined us to detail a regulatory change Treasurer Brad Briner spearheaded recently. That change will make it cheaper and easier for North Carolina charter schools to secure bond financing. You all know how important that is!
Here are a few key details about that change, courtesy of Treasurer Brad Briner’s office:
Historically, charter schools needed BBB- bond ratings to issue bonds in North Carolina. The North Carolina Capital Facilities Finance Agency (NCCFFA), led by Treasurer Brad Briner, changed the rules late last year. Now, charter schools with BB+ or better rating can issue fixed rate public bonds in North Carolina, instead of having to use Wisconsin or Florida markets because of their looser restrictions. Issuing bonds in North Carolina means two things. Charter schools will likely pay lower interest rates because North Carolina taxpayers can get a tax exemption for the bonds and North Carolina’s reputation in public finance is second to none. In addition, the economic activity now stays in-state instead of benefitting out-of-state companies. Please feel free to reach out to the NCCFFA with any questions or for more information by calling or emailing: (919) 814-4300 or SLGFD@nctreasurer.com.
Baker Mitchell, the founder of Roger Bacon Academy and Classical Charter Schools of America, has spent many months working on this matter on behalf of our state’s charter schools. We are truly grateful for his expertise, investment of time, and advocacy for North Carolina charters.Thank you, Baker!
Direct impacts for state charter schools
How have the changes directly helped charter schools in North Carolina already? A press release out yesterday from Treasurer Briner’s Office shares an update from the past year, through NCCFFA’s quarterly report.
We share some highlights from that release below.
One year into a revitalization of the North Carolina Capital Facilities Finance Agency (NCCFFA) there have been strong results. This includes multiple projects that previously would have gone out of state for financing, now keeping their dollars in North Carolina.
NCCFFA is a conduit financing authority authorized by state and federal laws to issue bonds on behalf of nonprofits such as colleges, universities, private schools, charter schools and others. The bonds issued are tax-exempt and offer the nonprofit borrowers lower interest costs.
“North Carolina is cosistently one of the best places to do business, and there is no reason we shouldn’t be the best place to finance your project,” said Treasurer Brad Briner, who chairs the NCCFFA. “In the first year of our revamp, we have three borrowers, who previously used out-of-state issuers, now keep their money closer to home.”
Two of these borrowers are North Carolina charter schools. Specifically, since March 2025, NCCFFA has approved these charter school projects, according to the release:
- Pine Lane Preparatory — $35,319,000
NCCFFA approved $35,319,000 in funding for the Pine Lake Preparatory, Inc. Project via refunding and revenue bonds. Refinancing managed to save Pine Lake ~$175,000 per year, even with the ~$10 million in new debt for construction on their campus. First Tryon Advisors conducted an assessment of the school’s credit quality and developed a plan of finance for the project.
- Endeavor Charter School — $14,516,000
NCCFFA approved $14,516,000 in funding for the Endeavor Charter School (ECS). ECS’s financing was structured with a 4% fixed rate and a 20 or more years term (with a 30-year amortization).
Pine Lake Preparatory photos courtesy of NCCFFA
Endeavor Charter School photos courtesy of NCCFFA
We appreciate Treasurer Briner’s commitment to making it easier for charter schools to finance their building projects!
Read NCCFFA’s quarterly report here.
Top photo: Shutterstock
Recent Comments