The Las Vegas City Schools board on Thursday approved the sale of notes to support educational technology in the schools, with officials assuring that the decision would have no effect on taxes.
The board unanimously gave the go-ahead for the sale of $300,000 in notes to the Bank of Las Vegas. The notes will be paid off through an existing property tax; the $300,000 in notes is a replacement of older notes.
Al Clemmons, the school district’s bond adviser, told the board that the district’s debt service dropped in the last year and that credit rating agencies will rank the district highly because of its management. In particular, he mentioned that the school board’s stability is a key factor in rating decisions.
“You are doing an exceptionally good job,” he said.
Clemmons said the Bank of Las Vegas approached him when it heard the district was interested in selling notes. He said the local bank ended up as the low bidder.
Superintendent Pete Campos told the board that the district a few years ago was the second one to take advantage of a state program that allows for funding of educational technology.
“We have a revenue stream, thanks to local taxpayers,” he said.
Clemmons said that since the East district took advantage of the program, 35 other districts in the state have followed suit.
Campos said the district needs to stick to its long-term educational technology plan.
In another financial matter, Myrna Garcia, the district’s business manager, said the schools need to look at investing its money with the thought of making more in interest. She said the district could make an additional $14,000 a month in interest.
Campos agreed, saying that the district could leave its money in local banks but that it could get a better rate of return.
Garcia said she wanted to put out a request for proposals for such services.