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Council approves authorization to sell up to $90 million in revenue bonds for capital projects
Summary
The City Council authorized a negotiated sale of revenue bonds not to exceed $90,000,000 (Series 2026) to reimburse city costs for capital projects including a civic center and off-street parking; CFO Susan Heltzley noted a correction to an exhibit prior to the vote.
The Las Vegas City Council approved a resolution on Dec. 3 authorizing the negotiated sale of revenue bonds (Series 2026) in an amount not to exceed $90,000,000.
Susan Heltzley, the city's chief financial officer, explained the sale will reimburse the city for costs associated with acquiring, constructing, improving, and equipping various capital projects, including a civic center project and off-street parking. Heltzley said the bonds were previously approved in last year's budget and the proceeds will support the city's general fund reserves and capital improvement program, helping to maintain the city's bond rating and to advance projects delayed by litigation referenced in the record.
Bond counsel from Zion Bank (introduced as Andy Artusa) was present to answer questions. A councilmember noted public concerns about prior litigation (referred to as 'Badlands' payment) and commended staff; Councilman Knudson moved approval and the council voted to adopt the resolution.
The resolution as presented included corrections to exhibit B at the meeting. The motion carried; the transcript records 'Motion passes' without a roll-call tally read aloud.
