Committee forwards three bond measures: $9.7M saving refunding, $24M parks bonds and $10M RDA repayment
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Summary
The recommending committee on Feb. 17 recommended three bond ordinances to the City Council: refunding bonds that staff say will save about $9.7M, $24M in medium‑term bonds for parks paid from room tax proceeds, and $10M in building bonds to reimburse the RDA for the Arts District parking garage.
The Las Vegas recommending committee on Feb. 17 recommended three separate bond ordinances to the City Council, covering a city hall refunding, a $24 million parks bond issuance and a $10 million building bond to repay the Redevelopment Agency.
Susan Heltsey, the city’s chief financial officer, presented the first measure (bill 2026‑6) as a refunding of city hall bonds originally issued in February 2015. Heltsey said reissuing the bonds would yield roughly $9,700,000 in savings over the remaining life of the bonds without extending the term, describing the step as taking advantage of improved market rates: "We're not extending the term. It's just to get a better rate."
The second measure (bill 2026‑7) authorizes up to $24,000,000 in medium‑term bonds (series 2026D) to finance recreational projects and parks. Heltsey said these bonds replace a prior issuance and are covered by room‑tax proceeds. When a committee member asked whether a softening in tourism and room tax collections posed a risk, Heltsey answered that room tax has been "a little soft" but downtown rates are holding and staff use conservative projections informed by the financial advisory committee; she said she is confident the city can support the $24,000,000 issuance. The deputy city attorney noted and provided the required Department of Taxation approval letter for medium‑term bonds; the committee incorporated that letter into the motion.
The third measure (bill 2026‑8) would issue up to $10,000,000 in taxable building bonds (series 2026E) to finance building projects and to return $10,000,000 to the Redevelopment Agency (RDA) that had been advanced for the Arts District Parking Garage. Heltsey said issuing bonds on behalf of the RDA is more efficient for the city and that the RDA will repay the city. A committee member confirmed the referenced project is the Arts District Parking Garage currently under construction.
Each ordinance was moved, the committee voted to approve them as recommended, and the items will be presented to the City Council for final consideration.
The committee’s actions are recommendations; final bond issuance will depend on Council action and completion of required state documentation.
