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Council approves temporary interfund loan up to $136 million for property acquisition near Charleston Boulevard
Summary
The council approved a resolution authorizing a short‑term interfund loan of up to $136,000,000 from the Sanitation Enterprise Fund to the Liability Insurance and Property Damage Fund to bridge cash flow for the city's planned property purchase near Charleston Boulevard and Wallapai Way.
The City Council on March 5 approved a resolution authorizing a temporary interfund loan of up to $136,000,000 from the City of Las Vegas Sanitation Enterprise Fund to the Liability Insurance and Property Damage Fund to support the acquisition of real property near the intersection of Charleston Boulevard and Wallapai Way.
Chief Financial Officer Susan Heltzley told council members the loan is structured as a bridge to provide cash flow for a purchase agreement dated Dec. 24, 2024, and will be repaid within 12 months. Heltzley said the city expects to pay back $100,000,000 on or around July 1 after the start of the fiscal year and that the remaining $36,000,000, if needed, would be paid from proceeds of the Cashman sale. She said the loan will be evidenced by an unsecured promissory note and that the Sanitation Fund will receive interest equal to what it would have earned during the period the funds were held.
Heltzley cited administrative authority under NAC 354.29 and NRS 354.6118 for the interfund loan mechanism and said the transaction will not affect sewer rates, which are set by municipal code LVMC 14.04030 and tied to a five‑year CPI average plus preexisting adjustments.
The matter was presented as a public hearing; no members of the public addressed this item during the hearing. Mayor Pro Tem moved to approve the resolution; the motion passed.
Councilmembers asked for clarification on repayment timing and sewer‑rate impacts; staff reiterated the expectation to repay the loan and said sewer rates would not be affected.
