Legislation Details

File #: 25-1821   
Status: Agenda Ready
File created: 1/8/2025 In control: Clark County Board of Commissioners
On agenda: 1/21/2025 Final action:
Title: Approve, adopt and authorize the Chair to sign a Resolution making a finding that no increase in ad valorem is anticipated for the payment of the "Clark County, Nevada, General Obligation (Limited Tax) Flood Control Refunding Bonds (Additionally Secured with Pledged Revenues), Series 2025", in the maximum principal amount of $137,820,000, for the term thereof and requesting the Debt Management Commission to convene to approve the finding. (For possible action)
Attachments: 1. Staff Report, 2. Flood Refunding DMC Notice Resolution, 3. Flood Refunding Revenue Study

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Anna Danchik, Comptroller

Recommendation: 

title

Approve, adopt and authorize the Chair to sign a Resolution making a finding that no increase in ad valorem is anticipated for the payment of the “Clark County, Nevada, General Obligation (Limited Tax) Flood Control Refunding Bonds (Additionally Secured with Pledged Revenues), Series 2025”, in the maximum principal amount of $137,820,000, for the term thereof and requesting the Debt Management Commission to convene to approve the finding.  (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:

The debt service on the bonds will be additionally secured with revenues received from the 1/4 cent Sales Tax.

 

BACKGROUND: 

For “new money” bonds the Board adopts a finding and the Debt Management Commission (the “DMC”) approves a finding that the pledged revenues are sufficient to pay debt service on the bonds and that no increase in the rate of an ad valorem tax is necessary for the payment of the bonds during the term thereof.  Such a finding makes the bonds exempt from abatement in the event the County ever had to levy a tax to pay the bonds. 

For the refunding of bonds exempt from abatement, it is not clear that the refunding bonds would also be exempt from abatement unless the Board makes the finding and the DMC approves the finding pursuant to NRS 361.4727(3)(b)(1) and (2).

The savings will meet the criteria for refundings as set forth in the County’s Debt Management Policy.