Update: SC Panel approves Boeing bond package

A South Carolina board took just three minutes to give final approval to borrowing $270 million to help build a Boeing Inc. aircraft assembly line in a coastal city.

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

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 short-term loan to the state Commerce Department so work can begin right away.