Senate approves university revenue bonds
June 4, 2005
The Senate on Saturday gave the Nevada university system permission to add $240 million in construction projects to its current total revenue bonds.
AB534 goes to the governor for his signature.
A large portion of the total at universities in Reno and Las Vegas will finance student union and recreation facilities. Unlike general obligation bonds, which are paid by state property taxes, revenue bonds are paid by some other identified revenue source, such as a student or user fee.
With the increase, the University of Nevada, Reno will add $100 million in authority for a total of $181.5 million in projects financed with revenue bonds. Bonds for $31.9 million have already been issued for the new campus library, the Knowledge Center, and $10 million has been issued for a new cooperative extension building in Las Vegas.
The new student union project will require $61.4 million paid by increased student fees, and $60 million will go toward the Biotechnology Building – paid by state money the Legislature has agreed not to reclaim for the general fund. Another $18.25 million is planned for the Medical School’s Academic Medical Center project in Las Vegas.
At UNLV, the legislation added $140 million to bonding authority. Nearly half the $215.8 million total will go into student facilities – $44 million for a new student union and $52 million for a student recreation center.
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University spokesman Dan Klaich told the committee both projects are designed and ready to start construction.
UNLV’s list includes 11 other projects ranging from a new dorm to building renovations and construction of parking structures.