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Joint subcommittee declines issuance of Nevada State Infrastructure Bank general obligation bonds for 2025–27 biennium
Summary
The joint subcommittee on K-12, higher education and the capital improvement program declined the governor's recommendations to issue two $75 million general obligation bond authorizations for the Nevada State Infrastructure Bank for the 2025'27 biennium.
The Nevada Legislature's joint subcommittee on K-12, higher education and the capital improvement program on Feb. 4 adopted a closing recommendation that the Nevada State Infrastructure Bank not issue any general obligation bonds during the 2025'27 biennium.
The recommendation, presented to the committee by Adam Drost of the Legislative Counsel Bureau fiscal analysis division, rejected two separate $75 million bond proposals included in the governor's executive budget: $75 million for a community infrastructure grant program to provide grants or forgivable loans for rural housing and eligible infrastructure projects, and $75 million to provide loans and other assistance to qualified borrowers for bank-eligible projects as defined in NRS 226.715.
Drost told the committee the subcommittee's closing recommendations "result in no general obligation bond issuance for the bank over the 2025'27 biennium." After the presentation Senator Marilyn Dondero Loop moved to accept the closing report; the motion was seconded by Assembly member Backus and carried unanimously.
Why it matters: the Infrastructure Bank is used to underwrite loans or forgivable supports for local infrastructure and housing projects. With the subcommittee's recommendation against bond issuance, projects that would have relied on new general obligation debt through the bank will not receive that source of state-backed finance during the 2025'27 biennium unless the Legislature revisits the issue.
The committee did not direct staff to substitute other funding for the two $75 million allocations. Drost's presentation referenced NRS 226.715 as the statutory definition of eligible projects for bank funding.
The motion to adopt the subcommittee closing report passed without recorded opposition. No committee member asked for changes to the subcommittee recommendation during the brief discussion following the presentation.
The committee proceeded to its next closing item, the Department of Administration capital improvement program review, after the vote.
