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Washoe County Commission approves refinancing of existing bonds at lower interest rate saving taxpayers $1.7 million

Date:

SUBMITTED NEWS RELEASE

Today the Board of Washoe County Commissioners approved the refinancing of two existing infrastructure bonds at lower interest rates that will ultimately save taxpayers approximately $1.7 million.

In 2001, Washoe County issued two infrastructure bonds. The first bond was for the Jan Evans Juvenile Justice and Incline Village Maintenance Facilities in the amount of $16,815,000, which uses consolidated tax revenues as payment. The second bond was for Library, Parks and Open Space in the amount of $22,785,000, which uses voter approved ad valorem tax revenue as payment. With recent improved market conditions and the County’s high bond rating, refinancing these bonds will save Washoe County taxpayers $1.7 million over the existing debt. Total payments on the two outstanding bonds will be reduced by 7% and 4% respectively.

As Washoe County enters is fifth-straight year of budget reductions, refinancing these bonds supports the County’s strategic objective of sustainable economic resources. Washoe County has reduced its budgets since 2007 by $154 million and a total of 769 positions have been eliminated. Spending levels are now at 2005 levels, with staffing at 2004 or earlier levels. Employees have foregone cost-of-living raises and have given back voluntary wage and benefit concessions that totaled more than $9 million during 2010-11 alone. Negotiations are currently underway for $11.6 million in wage and benefit cuts for the coming fiscal year.

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