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Board approves up to $28M PSF guarantee for Storey County School District; district expects ~$800K interest savings
Summary
The Board approved a State Permanent School Fund guarantee up to $28 million for Storey County School District Series 2024 school improvement bonds to build a K–8 facility; Department of Taxation found the district can service debt without increasing its debt rate.
The State Board of Finance authorized a State Permanent School Fund (PSF) guarantee not to exceed $28,000,000 for Storey County School District’s Series 2024 General Obligation (Limited Tax) School Improvement Bonds. Deputy Cari Eaton of the Treasurer’s Office said the guarantee should save the district approximately $800,000 in interest costs over the life of the bonds.
Cari Eaton reported that the Department of Taxation’s review concluded the district can make timely debt service payments without raising its debt rate. With the approval, the district would have roughly $32 million remaining under the PSF program’s $60 million authorization. Marty Johnson (JNA Consulting) and Todd Hess (Storey County School District) were available for questions and expressed appreciation for the program’s benefits to districts.
Member Benjamin Edwards moved approval; Member David Navarro seconded and the motion passed unanimously.
