The Clark County School District (CCSD) remains focused on building financial reserves and taking steps to improve its credit rating to maximize the funds the District has available for repairs and updates to school buildings.
This month, the District sold $626 million in bond issues to continue its capital improvement program for school construction and modernization.
This is the largest competitive bond sale for the District since 2008, when it sold $675 million.
“As educators, we work each day focused on student achievement, and fiscal management is top of mind,” CCSD Superintendent Jhone Ebert said. “These bonds will help CCSD provide students with upgraded classroom and school infrastructure to promote a learning environment that will make CCSD the Destination District.”
By leveraging competitive interest rates and an encouraging District outlook from rating agencies, CCSD saved over $12.5 million in interest costs.
The District can spend this $12.5 million in savings directly on its capital projects. CCSD has Nevada state-authorized bonding authority through 2035 to fund capital improvement projects.
Currently, CCSD faces an estimated $15 billion in capital improvement needs, which includes approximately $7 billion in capital repairs of schools and $8 billion in costs to build capacity and replace schools in growing areas. These funds will allow CCSD to
continue to modernize and construct schools. Based on facility condition assessments and capital improvement plans, CCSD’s most critical aging infrastructure needs include:
- HVAC systems
- Electrical and plumbing repairs
- Security systems
- Roofing and window repairs
- Sites, grounds, and landscaping
- Technology infrastructure
The bonds sold on September 9, 2025, via competitive sale total $626,135,000 and include:
- Capital Improvement Projects – $578,160,000 – Series 2025B
○ $400 million will be used by the District to continue its capital program for school construction and modernization.
○ $178 million will be used to refund a portion of the District’s outstanding 2015C Bonds for interest rate savings.
■ This will save the District over $12.5 million in interest costs through June 2035.
■ On a present value basis, the refunding savings are 5.7% of the refunded principal, which is almost double the District’s policy of
3%.
○ The 2025B Bonds, with a final maturity in June 2045, received 7 bids from investment banking firms.
■ The winning bidder, Morgan Stanley & Co., purchased the bonds at a true interest cost of 3.83%. This was almost 50 basis points or
.50% lower than the District’s last bond sale in April 2025.
- District Bus & Vehicle Fleet – $47,975,000 Series 2025C
○ Proceeds will be used by the District to purchase new buses and vehicles.
○ The 2025C Bonds, with a final maturity in June 2034, received 4 bids from investment banking firms. The winning bidder, Jefferies, purchased the bonds at a rate of 2.82%.
Bond Ratings
The District’s bonds were well received by investors, and the sale exceeded expectations. The low rates received by the District are directly correlated to its very high bond ratings of AA- from S&P Global, and A+ from Moody’s Investor Service. The District will continue to strive to improve its bond ratings.
After these bond sales, the District will have $200 million in remaining bonding authority, out of the $600 million approved by the Clark County Debt Management Commission in June 2025.
To learn more about the CCSD Bonds, click here.
