Clark County - File #: 24-1377

• File #: 24-1377
• Status: Agenda Ready
• File created: 10/3/2024
• In control: Clark County Board of Commissioners
• On agenda: 10/15/2024
• Title: Conduct a public hearing; and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Industrial Development Authority of the City of Sierra Vista (Arizona), in one or more series, of tax-exempt 501(c)(3) revenue bonds in an amount not to exceed $55,000,000 in order to (a) finance, including through reimbursement, the acquisition, construction, improving, renovating, operating, and/or equipping of a charter educational facility located at 1111 North Town Center Drive, Las Vegas, Nevada 89144 for use by Signature Preparatory, Inc., (b) fund any required reserve funds for the Bonds, (c) pay capitalized interest on the Bonds, and (d) pay certain costs of issuance of the Bonds. (For possible action)

Date	Action By	Action	Result
10/15/2024	Clark County Board of Commissioners	Approved; Agenda note: Item No. 50 Minutes	Pass

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

Petitioner:

Anna Danchik, Comptroller

Recommendation: 

title

Conduct a public hearing; and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Industrial Development Authority of the City of Sierra Vista (Arizona), in one or more series, of tax-exempt 501(c)(3) revenue bonds in an amount not to exceed $55,000,000 in order to (a) finance, including through reimbursement, the acquisition, construction, improving, renovating, operating, and/or equipping of a charter educational facility located at 1111 North Town Center Drive, Las Vegas, Nevada 89144 for use by Signature Preparatory, Inc., (b) fund any required reserve funds for the Bonds, (c) pay capitalized interest on the Bonds, and (d) pay certain costs of issuance of the Bonds.  (For possible action)

body

FISCAL IMPACT:

Fund #:	N/A	Fund Name:	N/A
Fund Center:	N/A	Funded PGM/Grant:	N/A
Amount:	N/A
Description:	N/A
Additional Comments:	No fiscal impact.  The bonds are not a financial responsibility of the County.

BACKGROUND: 

Pursuant to Section 147(f) of the Internal Revenue Code, prior to their issuance, the bonds are required to be approved by the “applicable elected representative” of the governmental unit having jurisdiction over the area in which the project is located, after a public hearing is held following reasonable public notice. Consequently, approval of the Board is needed to meet the requirements of Section 147(f).