State sells $155 million in bonds for a variety of projects
The state this week sold $155 million in general obligation bonds to pay for a variety of projects ranging from environmental to cultural to water projects.
The majority of the bonds, $114 million, are to refund outstanding obligations by the Southern Nevada Water Authority. State Treasurer Brian Krolicki said refunding those bonds to an interest rate of 4.54 percent over 17 years will save Southern Nevadans nearly $5 million in interest.
A $16 million bond was sold to provide money for improvements to the Marlette Lake water system which provides water to Carson City and Virginia City. The project will make improvements to the pumping system.
A $22 million bond package will fund state lands, parks and wildlife projects authorized by voters in Question 1 in 2002.
Finally, $2.9 million in cultural affairs bonds were sold to finance improvements to the Western Folklife Center, Piper’s Opera House, the Thunderbird Lodge and the White Pine Historic Railroad.
Krolicki said the state saved $50,000 on the total cost of issuing the bonds because of this week’s upgrade in its credit rating from Standard and Poor’s.