Washoe County School District moves to seek authorization for up to $500 million in general obligation bonds
Summary
Trustees unanimously approved a resolution to notify the oversight panel and begin the authorization process to issue up to $500 million in general obligation rollover bonds to fund Facilities Master Plan projects; CFO said property tax growth and maturing bonds make the financing feasible.
The Washoe County School District Board of Trustees on Jan. 27 voted unanimously to begin the process to seek authorization to issue up to $500,000,000 in general obligation rollover bonds to finance facilities projects tied to the district's Facilities Master Plan.
Chief Financial Officer Mark Mathers told trustees the resolution (Board Resolution 26-001) asks the district's chief financial officer to notify the oversight panel for school facilities and the Debt Management Commission and begin the authorization and reauthorization process. Mathers briefed the board that the district's remaining rollover bond authorization is nearly exhausted and that the new request would be issued in multiple series over two to three years.
"This begins the process to issue bonds," Mathers said, adding that projected property tax revenue growth and several maturing bonds give the district capacity to carry additional debt. He corrected an earlier staff report to note the district has about $8,000,000 of remaining rollover authorization rather than zero.
Trustee JJ Phoenix moved adoption of the resolution; Trustee Diane Nicolette seconded. The motion carried on a unanimous voice vote.
The district's staff package includes comparative projections of property tax revenues and debt service; Mathers said the analysis shows room to afford the proposed bonding program even under conservative growth assumptions. Trustees did not debate the specific projects at length during the meeting; Mathers said the proceeds would support the FMP projects already programmed in the district's capital improvement plan and that more detailed issuance steps will return to the board after Debt Management Commission action.
The board's action was limited to approving the resolution to notify the oversight panel and start required steps; it did not finalize sale terms, series timing or precise project allocations. Those details will be determined later in the authorization and issuance process.
