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Board authorizes up to $100 million in WC‑1 general obligation bonds to fund Loder rebuild
Summary
Trustees authorized Board Resolution 25‑041 to issue up to $100 million in WC‑1 general obligation limited tax school improvement bonds (series 2026B) to fund the rebuild of Loder Elementary and potential modernization of Palmer; revenue to pay debt service is WC‑1 sales tax.
The Washoe County School District board on Dec. 9 adopted Resolution 25‑041 to authorize issuance of up to $100,000,000 in general obligation limited tax school improvement bonds, additionally secured by pledged revenue (series 2026B).
CFO Mark Mathers told trustees the bonds will primarily fund the rebuild of Loder Elementary School and could later support a planned modernization of Palmer Elementary School. Debt service will be paid from WC‑1 sales tax revenues; Mathers said WC‑1 collections run close to $65 million annually and that projected debt service after this issuance would remain within expected revenue capacity.
The district plans to bundle this sale with a previously approved $50 million GEO issuance to lower issuance costs and take advantage of favorable market timing in January. Kyle Rodriguez, the district controller, said the team expects interest costs to be in the mid‑3% to 4% range assuming a near‑term Federal Reserve rate cut.
Trustees moved and approved the resolution; President Smith confirmed the board’s action and thanked district finance staff.
What happens next: staff will finalize sale timing and documentation, return with issuance details as bids are opened in January, and monitor market conditions for pricing and final structuring.
