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Board authorizes up to $10 million in school improvement bonds to fund Tonopah athletic complex
Summary
Trustees approved a general-obligation bond resolution authorizing issuance of up to $10 million for school improvements, including the Tonopah Athletic Complex; the State Permanent School Fund guarantee was cited as likely to produce a Triple-A rating and save an estimated $150,000–$200,000 in interest.
Trustees approved a resolution authorizing the Nye County School District to issue General Obligation (Limited Tax) School Improvement Bonds, Series 2025, in an amount not to exceed $10,000,000. The measure passed unanimously, 7–0.
Marty Johnson explained that the Debt Management Commission authorized the issuance 18–24 months earlier and that a State Permanent School Fund (PSF) guarantee is expected to secure a Triple-A rating for the bonds, which he estimated would lower interest costs by approximately $150,000–$200,000. He said the board plans to sell the bonds Sept. 4 with a closing at the end of the month. Mrs. Campos moved approval and Mr. Gent seconded; the motion carried 7–0.
The board identified the Tonopah Athletic Complex as a planned use of the proceeds; the resolution sets terms and conditions for the bonds and was presented as necessary to incur the bonded indebtedness for school facility improvements.
