Duke Energy Corporation is providing a $10 million line of credit for next year's Democratic National Convention in Charlotte. The credit was required by the Democratic National Committee as part of the agreement to bring the convention to the Queen City. The contract also says the convention's host committee must raise more than $36 million to cover production expenses.
Duke Energy spokesman Tom Williams says the corporation will be fully responsible for backing up the line of credit if the convention's host committee faces a budget shortfall:
"There is zero liability to rate-payers in this scenario. This has nothing to do with our utilities. This has everything to do with Duke supporting its headquarters city and our region in helping land the Democratic National Convention in Charlotte in 2012."
Williams says the funds are not a partisan contribution. The host committee is obligated to pay back any amount of credit it uses.
