Washoe Credit

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.