Board authorizes up to $100 million in school improvement bonds to rebuild Loder Elementary
Summary
Trustees adopted a resolution authorizing issuance of up to $100 million in general obligation limited‑tax bonds (WC‑1) to fund the rebuild of Loder Elementary and future modernization of Palmer Elementary, to be secured by WC‑1 sales tax revenues. Staff said the sale is planned for January to capture favorable market conditions.
The Washoe County School District board approved Resolution 25‑041 authorizing the issuance of up to $100 million in general obligation limited‑tax school improvement bonds, which staff said will finance the Loder Elementary rebuild and future Palmer Elementary modernization.
Controller Kyle Rodriguez and CFO Mark Mathers told trustees the bonds would be WC‑1 general‑obligation, limited‑tax bonds secured by WC‑1 sales‑tax revenues; they reported the district collects roughly $65 million in WC‑1 sales taxes annually and that current debt service is manageable under the plan. Rodriguez said the district intends to bundle the WC‑1 sale with a previously approved $50 million GEO bond to achieve issuance cost savings and planned to sell in January. He estimated interest costs of roughly 3.5% to 4% under current market expectations but said the district would adjust if market conditions change.
Trustee Phoenix moved to adopt the bond resolution; Trustee Westlake seconded and the motion carried. Staff said they will return with final sale documents and schedules as the offering is prepared.
The resolution is the last tranche of a previously authorized $200 million WC‑1 capacity approved by the County Debt Management Commission, the presentation noted.
