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Board approves $150.2M 2024A bonds for capital projects, historic preservation and refunding
Summary
The State Board of Finance approved issuance of Series 2024A General Obligation (Limited Tax) bonds not to exceed $150.2 million for capital improvement, DMV projects, historic preservation and a refunding estimated to yield about 6.2% net present value savings; the tentative sale is Oct. 16 and closing Nov. 6, 2024.
The State Board of Finance voted unanimously Aug. 8 to approve the "2024A Capital Improvement, Historic Preservation and Refunding Bond Resolution," authorizing General Obligation (Limited Tax) bonds in an aggregate principal amount not to exceed $150,200,000 to finance capital improvement projects, select DMV projects, historic preservation and a refunding component. Deputy Treasurer for Debt Management Cari Eaton told the board the series is made up of five components and that the tentative sale and closing dates are Oct. 16 and Nov. 6, 2024.
Eaton described the components as: an estimated $19.5 million tranche (fourth tranche of the 2021 AB492 authorization for public works CIP projects); an estimated $47.8 million tranche (second tranche of the 2023 AB1 public works CIP authorization); an estimated $46.1 million tranche (second tranche for DMV CIP projects); a $3.0 million historic preservation tranche authorized under NRS 383.530; and a refunding with an estimated par of $10.6 million. Eaton reported the refunding portion has an anticipated net present value savings of about 6.2%, which the Treasurer’s Office said exceeds the Board’s Debt Management target. Treasurer Zach Conine cautioned the board that market conditions can change and that the Treasury may pull the refunding if savings targets fall below thresholds. The motion to approve Series 2024A passed unanimously.
