Board approves notification to seek up to $175 million in WC1 bonds funded by sales tax
Summary
Trustees unanimously approved Resolution 26-002 to notify the Debt Management Commission and begin authorization for up to $175 million in WC1 general obligation bonds (sales-tax-funded program) to support CIP and FMP projects; staff said availability of a 25% revenue cushion guides timing.
The Washoe County School District Board of Trustees voted unanimously to notify the Debt Management Commission and begin authorization steps for up to $175,000,000 in WC1 general obligation bonds, a sales-tax-funded funding stream created by 2016 legislation.
Kyle Rodriguez, the district's director of financial operations, explained that WC1 bonds are funded by a dedicated sales-tax increase and backed by a property-tax pledge. He told trustees the district currently has about $27,000,000 in WC1 authorization remaining and that staff seeks reauthorization to match projected CIP and FMP project needs.
"Today, we are seeking approval to start the authorization process to issue $175,000,000 of WC1 bonds," Rodriguez said, noting the district strives to maintain a 25% cushion of revenues over debt service and that the authorization and issuance process takes roughly nine months.
Trustee Colleen Westlake moved adoption of Board Resolution 26-002; Trustee Diane Nicolette seconded. The motion passed on a unanimous voice vote.
Rodriguez said the board will return for a detailed issuance plan after the Debt Management Commission's review and when staff is prepared to bring sale timing and series structure for approval. The board's action was limited to notifying the oversight body and authorizing district officers to take steps necessary to complete issuance when appropriate.
