News Column

BRIEF: State announces sale of bonds for Project Neon property purchases

February 26, 2014

By Cy Ryan, Las Vegas Sun



Feb. 26--CARSON CITY -- Financing to allow the state to buy property for the giant Project Neon road expansion project in Las Vegas has been arranged, the state Treasurer's Office said today.

The Treasurer's Office said it accepted a bid from Wells Fargo to purchase $100 million in bonds with a 2.612 percent interest rate. The rate was the best among 16 bidders, officials said

The bond rating for the Nevada Department of Transportation recently was upgraded from AA+ to AAA, and that helped in getting the low interest rate, said Mark Mathers, chief deputy state treasurer.

"Institutional investors such as mutual funds and insurance companies seemed to be increasingly favorable about Nevada's debt and noticed the rating upgrade from Standard & Poors," he said.

Project Neon calls for widening Interstate 15 from Sahara Avenue to the Spaghetti Bowl.

The transportation department separately will choose a private company to finance, build and maintain the roadway.

Las Vegas / Summerlin, NV

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Source: Las Vegas Sun (NV)


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