Friday, June 17, 2011 | 11:03 a.m.
CARSON CITY – The drive to build a $400 million toll road around Boulder City has taken another step forward.
Gov. Brian Sandoval today signed Senate Bill 506, requiring the Regional Transportation Commission of Southern Nevada to find a private company or individual that would finance the project.
The state Department of Transportation already has spent $7 million in preliminary planning for the project, which would be Nevada’s only toll road.
Sen. Joe Hardy, R-Boulder City, who has pushed for the project, said thousands of workers would be hired for the job. He said he has been approached by two private companies that might be interested in financing the project.
The bill, passed in the final hours of the Legislature, would require at least 50 percent of workers and design professionals to have Nevada driver's licenses. All vehicles used would need to be registered in Nevada and at least 25 percent of material suppliers must be based in Nevada.
The bill also changes the law on the amount school districts must keep in reserve to avoid a default in issuing construction bonds.
Current law says a full year of reserves must be held. The bill says Clark and Washoe counties will be required to retain 25 percent in reserve to cover principal and interest payments for one year.
The bill was sought by Washoe County, which would be able to use the freed-up cash for more construction on schools.