Las Vegas (KSNV) — The City of North Las Vegas has successfully refinanced its taxable Build America Bonds, originally issued in 2010 for water and wastewater improvements.
The refinancing has converted the bonds to tax-free status, eliminating the need for an IRS subsidy to cover interest costs and resulting in nearly $4.5 million in savings over the life of the bonds.
“By refinancing the Build America Bonds, the City of North Las Vegas is able to reduce interest rates owed to its bondholders,” said Director of Finance William Riggs.
“The millions of dollars being saved will be available for other City needs, from infrastructure improvements to enhanced utility services,” Riggs added.
The bonds are effective until 2040.
Find out more information here.