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Local Government FCU Sets Aside $50 Million for Municipal Bonds

RALEIGH, N.C. -- Starting immediately, Local Government Federal Credit Union said it is in the market to purchase municipal bonds from North Carolina cities, towns and counties and has earmarked $50 million to make it happen.

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RALEIGH, N.C. — Starting immediately, Local Government Federal Credit Union said it is in the market to purchase municipal bonds from North Carolina cities, towns and counties and has earmarked $50 million to make it happen.

The $823 million credit union said it seeks to accomplish two purposes: invest in “ultra-sound” instruments that will complement its balance sheet and encourage other institutional investors to return to North Carolina municipal bonds. Sold by cities, towns, counties and other governmental units as a way to raise money for public projects, municipal bonds also fund schools, courthouses, water and sewer infrastructure and roads.

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