Control board OKs funds for Boeing

COLUMBIA -- The S.C. Budget and Control Board board took just three minutes Wednesday to give final approval to borrowing $270 million to help build a Boeing aircraft assembly line in North Charleston.

There was no debate when the five-member board met to consider the package. Gov. Mark Sanford and other board members praised the company's decision to create 3,800 jobs at the plant.

Borrowing the money will cost taxpayers $23 million initially, and it's expected to take at least five years for the state to cover the full cost.

The package also includes a $102 million loan to the state Commerce Department so work can begin right away.