State Approves $100 Million Bond Sale for Capital Improvement Projects
Carson City, NV — In a pivotal move for Nevada’s infrastructural development, state officials approved a resolution to sell up to $100 million in bonds aimed at funding various state capital improvement projects. This decision, made by the State Board of Finance on Tuesday, paves the way for a bond sale scheduled for October, with funds anticipated to be available by November. Current interest rates for 20-year bonds are estimated between 3 and 3.25 percent.
Included in the slate of bond resolutions is a notable allocation of $15 million for enhancing open space, parks, and natural resources across the state. Projects funded by these bonds span both Southern and Northern Nevada. Southern Nevada will benefit from a $37 million National Guard Readiness Center in North Las Vegas, while Northern Nevada projects encompass a $36 million veterans home advancement in Reno, $41.5 million for a new engineering building at the University of Nevada, Reno, and $42 million set aside for a new DMV office in the same city.
The comprehensive bond sale will contribute approximately $14.5 million towards completing capital projects from 2015, with up to $68.5 million directed towards 2017 initiatives and another $14.5 million specifically earmarked for the DMV office.
Governor Brian Sandoval, who is also a member of the State Board of Finance, expressed his eagerness for the projects to commence, stating, "I can’t wait to see all of these things start to come out of the ground."
This initiative represents a significant investment in Nevada’s infrastructure and is expected to foster economic growth and development in the region.
For further details, contact Sean Whaley at swhaley@reviewjournal.com or call 775-461-3820. Follow him on Twitter @seanw801.
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