COLUMBIA, S.C. (AP) - South Carolina's financial oversight board unanimously approved borrowing $120 million for Boeing Co.'s expansion plans in North Charleston.
The Budget and Control Board's vote Tuesday provided the framework for incentives the Legislature approved in April.
It also granted a bridge financing loan between agencies to provide cash while the treasurer's office goes through the process of issuing up to $120 million in bonds.
Commerce Secretary Bobby Hitt says his agency will use the money to buy and upgrade property Boeing will then rent from the state. The Chicago-based company is expected to buy the land from the state after the bonds are paid off.
Hitt says the package protects the state's investment.
Boeing announced plans in April to spend an additional $1 billion in North Charleston and hire 2,000 more people.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.