A pair of water and sewer projects will be funded by $21.56 million in general obligation bonds to the state under a plan the North Las Vegas City Council approved Wednesday.
The city will repay the loans to the Drinking Water State Revolving Fund, which provides assistance at below-market rates for water improvement projects across Nevada, a city report issued by North Las Vegas City Manager Qiong Liu shows.
Anticipated interest rates for both sets of bonds are expected to be 2.5 percent over 20 years.
Without discussion, the council agreed to sell up to $11.56 million in bonds to cover the cost of rehabilitating three groundwater wells that have holes in the steel casing pipe, according to Liu’s report.
Taken together, those three groundwater wells provide roughly 10 percent of the city’s annual water usage.
The City Council also agreed to sell another $10 million in bonds to rehabilitate more than 38,000 feet of deteriorating concrete sewers on Losee Road, Carey Avenue, Pecos Road and Cheyenne Avenue.