Duke Energy Corp., whose CEO is leading the fundraising for the Democratic National Convention, is guaranteeing a $10 million line of credit for the event.
The credit line from Fifth Third Bank is apparently the first time such an arrangement has been used by any Democratic convention organizers.
A Duke spokesman said stockholders, not ratepayers, would be on the line in the event of a default by the convention's host committee. But the head of the committee said it may never have to draw on the money.
"It is just security in the event of a cash shortfall," Will Miller, acting executive director of the Charlotte organizing committee, said Friday. "The host committee is obligated to pay it back, and the host committee will pay it back." - Charlotte Observer