At a virtual public meeting on April 21, 2020, the Henderson City Council approved the authority to issue general obligation bonds to finance civic construction projects. Future projects could include a new police station and training facility, addition of new parks and recreation facilities in growing west Henderson, rehabilitation of existing facilities in more established areas of Henderson and renovation and upgrades to the Henderson Pavilion. Projects funded from the bond proceeds will still need to be approved at future City Council meetings.

The bond issuance is tax neutral – taxes do not need to be raised due to the maturation of previous debt obligations. While it has up to 18 months to issue the bonds, the City can take advantage of today’s historically low interest rates and save taxpayer money. The bond issuance includes the refinance of older debt which will save the City and the Department of Utility Services more than $9M in interest over the life of the bonds.

Civic construction projects will not only address the community’s infrastructure needs but will also kick start our community’s long-term economic recovery from the COVID-19 public health emergency. Now is the right time to be investing in the future of our community.

Standard and Poor’s Reaffirms City of Henderson’s AA+ Bond Rating

Standard and Poor’s (S&P) Global Ratings has reaffirmed the City of Henderson’s AA+ long-term bond rating with a stable outlook, the highest rating among the incorporated cities in Nevada.

The S&P credited Henderson’s growing and diversifying economy, strong pace of residential and commercial development, and strong financial reserves bolstered by experienced management as strengths that led to the AA+ rating. 

The report names several factors that contributed to Henderson’s AA+ bond rating, including a very strong economy that continues to diversify and minimize the City’s exposure to tourism and gaming industries. The City’s economic diversification and business recruitment efforts have resulted in such projects as the Google data center, Haas Automation manufacturing facility, the Raiders Headquarters and Practice Facility, Amazon fulfillment center and The Dollar Loan Center. 

Other contributing factors noted in the report are:

• Very strong management, with robust financial policies, long-term planning, budget monitoring, multi-year forecasting, and a minimum reserve policy of 16.6% for the City’s general fund.
• Conservative fiscal framework that supports the City’s strong financial profile and robust reserves through fiscal restraint and expanding operating revenues.
• Relatively low debt service costs with a manageable debt burden.
• Expectation that continued economic diversification and ongoing development will trend positively and increase the City’s core revenues. 

S&P Global Rating Report