Nevada Governor Pushes Expanded State Infrastructure Bank

CARSON CITY, Nev. (AP) — Gov. Steve Sisolak and state Treasurer Zach Conine are asking Nevada lawmakers to fund a state infrastructure bank that could enable new roads, public transportation or energy storage projects starting in July 2021.

The two Democrats presented a proposal in the Legislature on Monday and argued the bank would allow Nevada to better handle the federal coronavirus relief dollars that officials expect to receive and, long-term, loan money to companies interested in projects that could have wide-ranging benefits for Nevada's people and economy.

Under the governor's budget, the state will use bonds to provide an initial $75 million in seed funding for the bank. Sisolak said he expected projects that received loans from the infrastructure bank could create 16,000 construction jobs by the end of the year and more than 30,000 over the course of the next decade.

Conine said the intent behind the bill wasn't to fund any particular project, but to be broad enough to ensure any company proposing infrastructure-related projects could apply for loans or other financial assistance.

He said the bank would supplement the initial seed capital with already allocated relief dollars that the federal government requires go through a state infrastructure bank as well as future federal infrastructure funds.