About

ABOUT

 

During the 1997 Legislature, CCSD sought the enactment of laws providing more effective methods of supplementing bond funds for school construction. Assembly Bill (AB) 353 was approved in 1997 allowing changes for financing school construction. Prior to this passage, Nevada was one of only ten states that did not have some sort of state funding mechanism in place for school facility needs. Through this landmark legislation, the voters have an opportunity to approve a long-term solution, which meets the needs of our District’s growing population.

 

Oversight Panel for School Facilities (AB353)

 

In addition to identifying revenue sources for school construction, AB353 also requires the formation of a local school facilities oversight panel, consisting of 11 members. Six members are elected officials (a Clark County commissioner, and city council representatives from Boulder City, Las Vegas, Henderson, Mesquite, and North Las Vegas). The Board of School Trustees appoints the other five committee members. The law specified the appointment of panel members with expertise in one of the following fields: engineering, finance, public works, gaming, and one representative of the general public.

 

The Clark County Oversight Panel for School Facilities began meeting in November 1997. As charged by law, they examined and made recommendations for financing the costs of new construction, design, maintenance, and repair of school facilities. Their recommendations included a strong endorsement of the property tax freeze, as well as approval of the other funding provisions of AB353. The Oversight Panel continues with its responsibility of reviewing and approving or disapproving the request for the Board of School Trustees for the issuance of general obligation bonds as they are needed.

 

Revenue Sources

 

The 1998 Capital Improvement Program (CIP) was funded from a combination of three revenue sources. The first two were authorized through the passing of AB353:

 

  1. Real Estate Transfer Tax – $0.60 cents per $500 of the sales price in a real estate transaction
  2. Hotel Room Tax – 1 5/8 percent of the price paid for a hotel room in Clark County
  3. Property Tax Rate – $0.5534 per $100 of assessed value, frozen through 2008

 

Revenues from these three sources were projected to enable CCSD to generate approximately $3.5 billion in bond proceeds over the 10-year span of the building program. The projections have recently been revised and reflect funding of $4.9 billion, resulting in 120 new schools built, 11 replacement schools, five phased replacement schools and numerous renovations at existing schools. A number of projects from the 1998 CIP are still underway and nearing completion.

 

More information in the 1998 Bond Accomplishments Report