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Board approves refundings of three certificates of participation, estimates $8.3 million in savings
Summary
The Board approved refundings of three certificates of participation—Brian Building (contingent), Casa Grande (contingent), and Nevada State University—generating an estimated $8.3 million in combined savings; two approvals were contingent on receipt of good-faith deposits.
The State Board of Finance on Feb. 8 approved refundings of three certificates of participation (COPs), collectively carrying $53 million in outstanding principal and producing about $8.3 million in combined savings according to staff presentations.
Deputy Treasurer Eaton said the COP refundings include item 5(a) for the Brian Building (Capital Complex 1 in Carson City), item 5(b) for the Casa Grande facility (originally a detention center, now transitional housing in Clark County), and item 5(c) covering two buildings at Nevada State University. Staff reported estimated savings for the Brian Building refunding of roughly $577,000 (present value ~5.6% over an eight-year remaining term) and about $536,000 for Casa Grande (PV ~5.5% over eight years). The NSU refunding produced larger, longer-term savings—approximately $7.2 million with a present value of roughly 12.7% over a 20-year term.
Treasurer Zach Conine moved the contingent approvals for items 5(a) and 5(b) pending receipt of the purchaser good-faith deposits; both contingent motions passed unanimously. The Board voted to approve item 5(c) for Nevada State University without contingency.
