Road building bonds to go on sale

Las Vegas Valley residents -- and those outside the valley -- will soon have the opportunity to invest in one of the region's most ambitious road projects.

For the first time ever, the Regional Transportation Commission will sell bonds to fund its road-construction efforts. Half of the $200 million bond sale will go to the construction of the western and northern sections of the Las Vegas Beltway.

In the past, the 34-year-old commission has passed money from the .25 percent motor vehicle sales tax along to local governments, which then contract road work out, explained RTC marketing director Stan Wilkerson. But to expedite beltway construction and because of the relatively large sum needed for the work, the RTC decided to issue bonds and contract directly for coming work on the beltway, he said.

Along with the initial $200 million bond sale in 2000, there will be additional bond sales of $82.7 million in 2002, $52.7 million in 2004 and $52.7 million in 2006 under a bonding plan devised by the RTC's financial consultants, Hobbs and Ong.

What isn't used for Beltway construction will go into RTC coffers as reserves, Wilkerson said.

RTC General Manager Jacob Snow said this is an important step for the commission and will help the commission prioritize regional projects in a coordinated fashion.

Commission chairman Bruce Woodbury, who is also chairman of the Clark County Commission, said the bonding will help improve transportation for all valley residents.

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