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Board approves $181.74M 2025A refunding resolution to realize estimated savings
Summary
The Board approved a resolution authorizing up to $181.74 million in Series 2025A general obligation refunding bonds to refinance portions of 2015B and 2015D, with estimated present‑value savings around 2.8% and tentative sale/close dates in January 2025.
The State Board of Finance approved a resolution authorizing the issuance and sale of up to $181.74 million of State of Nevada General Obligation (Limited Tax) Capital Improvement and Cultural Affairs Refunding Bonds, Series 2025A, to refund portions of Series 2015B and 2015D.
Deputy Treasurer Cari Eaton reviewed the tentative schedule: board approval (Dec. 19), bond sale on Jan. 22, 2025, and closing on Jan. 31, 2025. Eaton explained estimated maximum refunded par amounts for the 2015B and 2015D portions and the present value savings: approximately 3.56% for one portion, about 4.3% for the DMV capital improvement portion, and total estimated present‑value savings of roughly 2.8% (below the 3% Debt Management policy threshold), with roughly $5 million of cash savings expected to be recognized in fiscal years 2026 and 2027. Board members discussed market variability and the Treasurer’s authority to halt a sale if savings do not meet policy thresholds. Member Navarro moved approval and the board voted unanimously.
