No doubt, COVID-19 has affected each and every one of us in one way or another, from our health to our finances. And the RTC is no exception.
But there is a light in the middle of the challenges, thanks to an amazing community who helped prepare for a time like this. No, we probably didn’t imagine a worldwide pandemic would be what we were preparing for, but you helped us get ready anyway.
In October this year we got the good news from Moody’s Investor Service, who provide credit ratings for agencies around the globe, that despite recent declines due to COVID-19, the RTC maintained its Aa3 bond rating for fuel tax refunding bonds. We credit that high quality, low risk rating in large part to Fuel Revenue Indexing (FRI) funding passed by voters in 2016.
FRI is the process of tying motor vehicle fuel tax to inflation to adjust for rising material and labor costs. And what that means for our community is that roadway projects already under construction have not been impacted, and in fact, we expect to fund more than $2.5 billion in roadway safety and maintenance projects over the next 10 years.
Thanks to Southern Nevada citizens, leaders and businesses, the future of jobs, progress and growth in roadway design and construction is bright.
To check out planned projects in your neighborhood, bid opportunities and small and diverse business information, visit rtcsnv.com.