Debt Management Committee Meeting – June 4, 2026

The Debt Management Committee met on June 4, 2026, at 9 a.m. with a quorum present. The meeting covered approval of the agenda and minutes, followed by three bond issuance proposals for the Clark County School District, the Strip resort corridor, and the Beltway. All items were approved unanimously.

Public Comments & Testimony

• No public comments were received during either of the two public comment periods.

Discussion Items

Clark County School District General Obligation Bonds ($600 Million)

• Justin Dayhoff (CCSD CFO) and Andy Artusa (municipal advisor) presented a proposal to issue $600 million in GO bonds, part of an ongoing capital improvement plan through March 2035. The district spends approximately $54 million per month on construction. The previous $600 million authorization was issued in two tranches: $400 million in September 2025 and $200 million in March 2026. The new $600 million will also be bifurcated into two issuances, expected October 2026 and June 2027.
• The bonds are repaid from the district's 55.34-cent property tax rate, retiring about $287 million in debt service annually. The proposal assumed a 5% interest rate, but current market rates are closer to 4%; the March 2026 issue achieved 3.64%. Debt service coverage would exceed 2x, well above the commission's 1x requirement.
• A debt service reserve is required by the legislature: the lesser of 25% of next year's debt service or 10% of outstanding par (currently about $118 million). The district also has approximately $184 million in tax abatement available as a further cushion.
• Projects funded include roof and HVAC replacements at elementary schools, replacement schools for Cashman Middle, Gibson Middle, Las Vegas Academy, Southwest Career Technical Academy, Bridger Middle, Chaparral High, Tommy Yasu, Hyde Park, and a new pre-K–8 in North Las Vegas. About 70% of the funding is for rehabilitation. None of the schools are on the district's potential closure list.
• Commissioners requested a list of approved projects and noted that the resolution must state that any property tax increase needed would be outside the property tax cap. Motion carried unanimously.

Strip Corridor Transportation Improvement Bonds

• Anna Danchuk (County Comptroller) presented a proposal to issue debt for transportation projects within the Strip resort corridor. Debt service is paid by resort room tax revenues. The new issuance would bring total outstanding debt under this pledge to $344.3 million. Statutory debt capacity exceeds $14 billion. The 20-year bonds include a 100-basis-point cushion in the debt service schedule.
• Historical debt service coverage for FY2026 is estimated at 2.67x; pro forma coverage including the new bonds remains over 2x through 2040, assuming no growth in pledged revenues. No property tax rate increase is anticipated.
• Projects include upgrading elevators and escalators at the Flamingo, Spring Mountain, and Harmony intersections (total ~$100 million), a new pedestrian bridge at Bellagio (~$5 million), and resurfacing Paradise Road and portions of Las Vegas Boulevard. Work will be phased over two to three years. Additional projects are in the county's five-year capital plan.
• Motion approved unanimously.

Beltway Transportation Improvement Bonds

• This proposal covers bonds for Beltway projects, secured by a different pledged revenue: the 1% supplemental governmental service tax, a portion of new development fees, and the 1% room tax outside the resort corridor. New outstanding debt would be $136 million. The 20-year term also includes a 100-basis-point cushion.
• Historical coverage ratios are strong: 10–11x; FY2026 estimated at 10.73x. Pro forma coverage ranges from 6.19x to 13.9x over the life of the bonds, assuming no revenue growth. No property tax increase is expected.
• A commissioner asked about the risk of legislative changes to the supplemental governmental service tax; Ryan Henry from Taft Law confirmed that once bonds are issued, the legislature cannot repeal the tax because it would impair the bond contract.
• Motion approved unanimously.

Key Outcomes

• Approval of Agenda (motion by Commissioner Becker, second by Dan Shaw): Approved unanimously.
• Approval of Minutes (May 7, 2026 meeting, motion by Dan Shaw, second by Commissioner Becker): Approved unanimously.
• Resolution for CCSD GO Bonds: Motion by Dan Shaw, second by Yolanda King. Approved unanimously with the condition that any property tax increase would be outside the abatement cap.
• Resolution for Strip Corridor Bonds: Motion by Councilwoman Kara Kelly, second by Dan Shaw. Approved unanimously.
• Resolution for Beltway Bonds: Motion by Yolanda King, second by Dan Shaw. Approved unanimously.
• Meeting adjourned.