Wednesday, April 11, 2018 | 3:02 p.m.
Clark County on Wednesday sold bonds to finance the public’s $750 million contribution toward construction of a 65,000-seat stadium where the Raiders and UNLV will play football.
A total of $645 million in bonds were sold in 90 minutes to 43 different institutional and retail investors, Clark County Manager Yolanda King said. The funds won’t be available until May 1, when the sale is finalized.
The rest of the $750 million was collected through the Clark County hotel room tax before Wednesday's bond sale.
The 30-year bonds have a maturity date of 2048. They are being paid off with revenue from the room tax.
Members of the county Finance Department, including Chief Financial Officer Jessica Colvin, were in New York for the sale with representatives of RBC Bank and JP Morgan.
The $1.8 billion stadium is being funded by $750 million in room tax revenue, $850 million from the Raiders and a $200 million loan from the NFL.
If the Raiders were to leave Las Vegas before their 30-year lease is up, the team would be responsible for any outstanding debt associated with the stadium, Colvin said.
The Clark County Commission approved the bond sale earlier this month on a 6-1 vote, with Commissioner Chris Giunchigliani casting the only vote in opposition.