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Board authorizes $6M in matching bonds for Safe Drinking Water Revolving Fund
Summary
The Board approved Series 2024C to provide up to $6 million in state matching funds for federal Safe Drinking Water grants; per NRS 445A.290, the bonds are self-supporting and paid from Revolving Fund loan repayments and are exempt from the constitutional debt limit.
The State Board of Finance unanimously approved the "2024C Safe Drinking Water Revolving Fund Matching Bonds Approval Resolution" on Aug. 8, authorizing issuance of up to $6,000,000 in General Obligation (Limited Tax) bonds to provide state matching funds for federal drinking water grants. Deputy Treasurer Cari Eaton said the Treasurer may issue such bonds under NRS 445A.290 when requested by the Administrator of the Nevada Division of Environmental Protection.
Eaton explained that debt service on the bonds will be paid from principal and interest repayments into the Revolving Fund and that the bonds are exempt from the constitutional debt limit and not included in the affordability model. Controller Andy Matthews moved approval and the motion passed unanimously.
