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Board approves $10.83M 2024B bonds for Lake Tahoe environmental projects
Summary
The board approved Series 2024B Natural Resources Bonds not to exceed $10.83 million as the second tranche for Environmental Improvement Program projects in the Lake Tahoe Basin; staff noted Appendix updates showing a prior tranche fully expended.
The State Board of Finance unanimously approved the "2024B Natural Resources Bond Resolution" on Aug. 8, authorizing General Obligation (Limited Tax) bonds in an amount not to exceed $10,830,000 to support Environmental Improvement Program (EIP) projects in the Lake Tahoe Basin. Deputy Treasurer Cari Eaton told the board this bond represents the second tranche of a $13 million authorization under AB1 (2023 Special Session) and that the 2021B bond authorization listed in Appendix 1 has been fully expended.
Eaton said the series is paid with property taxes and is exempt from the state constitutional debt limit; the board approved Attachment B to authorize the series. Member David R. Navarro moved approval and the motion passed unanimously.
