Finance board OKs Lyon school bond refinancing

The Nevada State Board of Finance approved a plan to refinance $13 million in Lyon County School District bonds Tuesday.

Robin Reedy of the state treasurer's office said the bonds will be refinanced under the State Permanent School Fund Guarantee Agreement, which will save Lyon County School District an estimated $557,975.

The exact amount of the savings won't be known until the bonds are sold and the interest rate set.

In addition, the board voted to allow Republic Services of Las Vegas to finance $30 million in equipment and facilities using state Private Activity Revenue bonds.

Republic provides garbage pickup and solid waste disposal in the Las Vegas Valley.

Gov. Kenny Guinn said the company has excellent credit and could get its own financing at a good rate but the state bonds are tax exempt.

Because taxes are part of Republic's cost of doing business and get passed on to customers, he said letting them use tax exempt bonds will save businesses and home owners in Las Vegas millions.

The $30 million will buy new vehicles, improve the Apex landfill and upgrade and expand transfer stations used by the company to support population growth in Southern Nevada.

Finally, the board approved Eureka County's request to put $5 million with the state treasurer's office in its long-term investment program.