North Las Vegas wants low-interest loans to pay for projects
An improved bond rating will allow North Las Vegas to seek two low-interest loans and refinance some bond debt.
The City Council on Wednesday agreed to pay for several water and sewer projects by applying for a pair of loans totaling $21.86 million from the state Department of Environmental Protection.
Four new groundwater wells would be funded, along with repairing more than 38,000 feet of structurally deficient sewer lines along Carey Avenue, Losee Avenue, Cheyenne Avenue and Pecos Road, according to a report issued by North Las Vegas Utilities Director Randall DeVaul.
The council also agreed to apply for refinancing a portion of $116 million in Water Reclamation Facility Bonds issued in 2006 for a series of sewer projects in the city. The city wants to refinance $50 million of that debt, which will save more than $9 million in principal repayment and interest for 20 years, DeVaul said.
City officials said the financial boost comes as North Las Vegas continues to climb out of its junk status during the recession, with a BB+ bond rating according to the latest analysis released in March by S&P Global Ratings.
Contact Art Marroquin at amarroquin@reviewjournal.com or 702-383-0336. Follow @AMarroquin_LV on Twitter.
