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Inaugural Bond Sale

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The Authority is currently in the process of updating its long range transportation plan (TransAction). The TransAction update is expected to be finalized in calendar year 2017. The TransAction update will enable the establishment of a long term financing plan referred to as a Capital Improvement Plan or CIP for fiscal years 2018 through 2023.

Long Term Capital Financing Plan

The CIP will support funding of projects once approved by the Authority, funding sources include “Pay-As-You-Go” and bond financing.

FY2014 Bond Projects

The FY2014 approved project list includes eight projects selected from TransAction 2040 for debt funding. One project was subsequently withdrawn by the project sponsor after alternative funding was secured. Interim financing for the remaining projects was initially financed with the proceeds of a short term Line of Credit (LOC). The LOC allowed the NVTA to ensure all debt funded projects could move forward while preparations were made for permanent financing through long term bonds. The LOC was retired through the issuance of the long term bonds.

Inaugural Bond Sale

In December 2014, the NVTA entered the capital bond market for the first time with bonds designated to replace the short term LOC with fixed rate, long term, low cost, permanent financing. An initial bond sale is a significant undertaking. Actions include bond validation court proceedings, establishing internal policies and procedures, initial credit rating presentations on Wall Street and, finally, the marketing and sale of the bonds. Our efforts to execute the Authority’s approved finance plan resulted in strong credit ratings of AA+, Aa1 and AA+ with stable outlooks from Fitch, Moody’s and Standard and Poor’s. The bonds garnered a favorable market reception on Wall Street, reflected by a 2.5 times subscription rate and a low true interest cost of 3.09%. These values are due in part to the NVTA’s financial preparations, but are also a reflection of the outstanding credit basis and history of the Authority’s nine member jurisdictions.

Bond Ratings

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