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BOOT OR NO BOOT: Gov. Bev Perdue is mulling a policy that would give the boot to any of her appointees who are under indictment or who refuse to cooperate with investigators. Presumably without the policy it would be okay for appointees to continue serving while under indictment.

GOING QUIET: Sarah Palin drew big lines to a book signing at a store on Ft. Bragg on Monday. The former governor of Alaska and Republican vice presidential nominee wasn't allowed to give a speech, but she signed and greeted for hours.

THE 'HAT' DEFENSE: A state trooper fired over the loss of his uniform hat says it's unfair that so many kept their jobs after having sex on the job while he was fired because of a discrepancy in his story about where his hat went. The Highway Patrol should ask for a new reputation for Christmas.

IN OTHER NEWS: Officials in the N.C. Republican Party overwhelmingly voted against a measure that would have prohibited unaffiliated voters from participating in its primaries. Voters in both parties think politicians in both parties are corrupt, according to a poll. State Treasurer Janet Cowell has broadened new ethics rules, again in response to activity by the former chief investment officer.

State Treasurer Janet Cowell was in the loop on a controversial financing plan to finish building Charlotte’s Interstate 485 — but she did not object until a few hours after it was announced by Gov. Bev Perdue, state transportation officials said today.

Perdue told Charlotte leaders on Nov. 9 that North Carolina would put up $290 million for a pair of I-485 projects expected to cost $340 million, Bruce Siceloff reports on his Crosstown Traffic blog.

The project contractors will be asked to finance the remaining $50 million, she said, to be repaid by the state over the next 10 years. Jim Trogdon, chief operating officer for the state Department of Transportation, said he first outlined the I-485 plan in a meeting with Cowell on Oct. 12.

She expressed enthusiasm and asked DOT officials to work with members of her staff.

"She said they were excited about the opportunity to work with us on the project," Trogdon said today.

LOOP TROUBLE: Gov. Bev Perdue appears committed to moving forward with a special financing plan for finishing Charlotte's Interstate 485 despite questions raised by Treasurer Janet Cowell about the proposed funding mechanism. Backing away from the interstate now could be a minor disaster for Perdue, who because of the recession has already had to cancel plans to finish the job once before. (Charlotte Observer)

CHARTERS OWED: Public school leaders across the state, and especially in the Triangle, are recalculating their budgets to figure out how many millions they owe charter schools to comply with a state court ruling. (N&O)

NOT ON THEIR WATCH: The N.C. State Ethics Commission, finishing a review of its jurisdiction, has removed two boards from its oversight and is considering a third. (N&O)

State Treasurer Janet Cowell is not yet signing off on a complicated funding mechanism for finishing the I-485 loop around Charlotte, a step that Gov. Bev Perdue announced with considerable trumpeting earlier this month.

Cowell's spokeswoman, Melissa Waller issued a statement this afternoon saying:

In the absence of contracts specifying terms and conditions of the 485 project, we are unable to determine if there are issues or concerns. We continue to advise the Governor’s office and the Department of Transportation on the various options available for this important project.

Gov. Bev Perdue responded in a prepared statement Tuesday evening that the funding had been vetted and indicated that the project was still moving forward:

Prior to announcing the plan, we worked with the AG’s office as we developed the design-build-finance program for completing I-485. During this process, the Attorney General’s office indicated that our plan was legal. We are excited to see contractors express interest for this project that will save taxpayer dollars and complete the loop as quickly as possible.

Cowell's approval is important because her office watches over the state's debt load, and the funding for the highway includes the state guaranteeing debt incurred by private contractors.

Perdue's plan for finishing the last five miles of the loop call for the private contractors to finance $50 million of the construction on their own but with the state backing the debt.

UPDATE: Perdue's response included.

State Treasurer Janet Cowell has issued two new ethics rules for her office, the latest in her efforts at reform.

Employees are banned from accepting any gifts from companies that do business with the department, and staffers covered by the state ethics law are prohibited from soliciting charitable contributions of more than $150 from contractors or vendors.

This is the third set of ethical rule changes Cowell has made, and these come after former Chief Investment Officer Pat Gerrick was offered favors by investment firms that she said she did not accept. Another recent story chronicled how former Treasurer Richard Moore took a job with an investment firm less than a year after what was then his office invested $500 million with that company.

In September, Cowell ordered changes, including a ban on senior staff doing business with the office for two years after leaving and a tightening of travel policies that followed Gerrick's firing amid questions over her travel expenses. Those guidelines came four months after her initial set of rules aimed at greater transparency.

Six months before former state Treasurer Richard Moore left office, the North Carolina pension fund that he oversaw invested more than $500 million in the investment fund firm that now employs him, the Insider reports.

Moore was named a managing director at San Diego-based Relational Investors in April of this year. The office of current Treasurer Janet Cowell confirmed that in July 2008 the pension fund signed an agreement to make a substantial investment with Relational Investors. The investment, as of Sept. 30, was valued at $508,623,784. It was the pension fund's first and only investment with the firm.

Ralph Whitworth, founding director of Relational Investors, said the investment and Moore's hiring were completely unrelated.

"If it creates a perception, that's unfortunate. Richard, after he left the state treasurer's office, was one of the most sought-after persons in finance," Whitworth said. "We were totally excited."

UPDATE: Moore responds to the story in an email to Dome. (After the jump.)

North Carolina's state pension fund was buoyed in the third quarter by the stock market's slight rebound, State Treasurer Janet Cowell announced Monday.

Third quarter returns were 10.44 percent, and the fund's returns for the year are 12.26 percent.

The fund's value rose from $60.2 billion at the end of June to $65.8 billion at the end of September.

Cowell cautioned that the stock market remains volatile and the fund is still well below its 2007 peak of $77 billion, meaning that the legislature will need to appropriate more money to offset last year's losses.

The state's college students don't know enough about managing money and debt and get themselves in trouble, state Treasurer Janet Cowell learned on a debt tour of college campuses.

Cowell visited four campuses, Wake Tech, Alamance Community College, Fayetteville State University and High Point University and met with 53 students. She found that students were using credit cards for every day purchases and getting into trouble with debt.

"This experience, along with national research, has demonstrated the need for programs that can assist and educate students on debt and its consequences," Cowell said. 

In a report, Cowell made six recommendations for new programs that could help students make better choices. Her report included resources that could help the state pay for the changes.

North Carolina's former chief investment officer, Pat Gerrick, asked some of her then-subordinates in the state treasurer's office to help her daughter with college homework.

In April 2007, Gerrick provided her daughter, Meredith, with the email addresses for five members of Gerrick's staff, who are charged with overseeing the state pension fund, currently worth more than $60 billion, according to emails provided under a public records request. The staff members responded with answers to several questions from an investment-oriented group project for Meredith Gerrick. The staff members included the operations manager for the investment management division and the fixed income portfolio manager.

Gerrick was fired by State Treasurer Janet Cowell in August amid questions about travel expenses and cell phone bills. Questions have also been raised about Gerrick's relationships with firms that did business with the state.

Gerrick said last week that she asked her staff for help with the homework but made clear it was not an order.

"I just sent it around," Gerrick said. "I think you’ll see on the email, it says, 'If you have time, if you want to do it.'"

They won't go: Finding a way to keep 20 inmates convicted of rape, murder or assault in prison allows Gov. Beverly Perdue to take a 'tough on crime' stance at a time when polls show her popularity has tanked, writes Rob Christensen. (N&O)

It's about relationships: Pat Gerrick, fired in August from her job overseeing the state's $60 billion-plus pension fund, said firms doing business with the state offered her favors but she did not accept them, writes Mark Johnson.  (N&O)