Tuesday, Sept. 12, 2017 | 3:48 p.m.
CARSON CITY — The state Board of Finance today approved selling bonds to help finance the new Department of Motor Vehicles headquarters in Reno and to comply with safe drinking water and water pollution programs.
A bond of $100 million will be issued, with $14 million to start to finance the $42 million DMV building in Reno. To help with the finances, $2 million was left over for building a DMV office in Las Vegas.
Deputy state Treasurer Lori Chatwood said the bond will be sold Oct. 17, and she expected the interest rate to be 3 to 3.25 percent.
The bond will be within the limit of what the state can issue and will be repaid from property tax revenue.
The state will sell $6.6 million in bonds for the safe drinking water revolving fund. With federal funds, the total for the program will be $33 million. The state puts up 20 percent of the money to match the federal funding.
The board approved the sale of $4 million in bonds for water pollution control grants. That will bring in $16 million in federal funds.
