Washoe County earns higher
grades than Reno when it comes to
issuing general-obligation bonds.
Moody's gives the county an aa3
rating and S&P gives Washoe an
A+ rating. The county, whose annual
budget of nearly $479 million is
larger than that of the cities of Reno
and Sparks combined, is the biggest
issuer of bonds in northern Nevada.
The county also can back bond
issues of other entities, such as the
Reno-Sparks Convention & Visitors
Authority.
Washoe County has a remaining
debt capacity for general-obligation
bonds of slightly more than $651
million, said John Sherman, county
finance director.
State statutes limit the aggregate
principal amount of the county's
general-obligation debt to 10 percent
of the county's total reported
assessed valuation. Based upon the
assessed valuation for fiscal 2002-
03 of $9,785,741,461 (which
includes the assessed valuation of
the Reno Redevelopment Agency,
the Reno Increment District and the
Sparks Redevelopment Agency), the
county is limited to general obligation
indebtedness of $978,574,146,
Sherman said.
Washoe has $327,551,599 of
general-obligation debt outstanding
as of Sept. 1, including $41 million
in long- and medium-term bonds
sold Oct. 2, Sherman said.
