Clark County commissioners voted recently to pay down nearly $2 million in principal of the county’s debt.
The $1.7 million in debt was accumulated on capital projects such as previous Springview Government Center renovations, Clark County Juvenile Court renovations, water and utilities, computer maintenance and other projects. The county’s debt load is now about $17 million, county officials said.
County Administrator Kennedy said the key to paying off nearly $2 million in debt was the county’s aggressive repayment structure.
“One of the things that Moody’s (Investors Service) really likes about us is that we have a fairly aggressive debt repayment schedule,” Kennedy said. “We maintain a very conservative posture and that allows us to borrow at very, very cheap rates.”
Clark County commissioners John Detrick and Rick Lohnes praised Kennedy and members of the investment board for being responsible with county funds.
“This is an example of fiscal responsibility. Five years ago we owed $27 million on various projects. We have reduced our debt from $27 million to $19 million. What we’re doing will reduce it down almost $2 million in principal,” Detrick said.
Kennedy said the county maintains high bond rating, which gives the county an advantage when they decide to borrow money.
“Clark County has always — even with my predecessor — maintained a conservative position when it comes to our debt structure. This is just a continuation of that. And that conservative position allows us to borrow money very readily and cheaply.”