The Nevada Capitol
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Treasurer Zach Conine’s office has successfully completed the sale of $75 million in bonds to support the Infrastructure Bank.
After all three major rating services confirmed that Nevada’s bonds are rated as Double A, the state was able to sell the bonds for just two-hundredths over 3 percent interest. Spokesman Erik Jimenez said the high credit rating saves money by allowing the state to finance infrastructure projects at low market rates despite the rising interest rates and high inflation the country is experiencing.
The first of the two bond series is $40 million to finance qualified projects in the form of revolving low-interest loans. Officials say the bond money can be used to support a federal infrastructure matching account, leveraging millions more dollars from the government.
The second series of bonds is in two pieces. The first is $20 million to support affordable housing projects, leveraging up to 10 times as much capital to build and renovate multi-family housing in partnership with the AFL-CIO Housing Investment Trust.
The second piece is the remaining $15 million to support public charter schools, both new and existing schools, in low-income communities.
The Treasurer’s Office expects to begin accepting applications for projects this summer.
