CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Anna Danchik, Comptroller |
Recommendation:
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Approve, adopt and authorize the Chair to sign the Ordinance authorizing the issuance by the County of its “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, as if an emergency exists. (For possible action)
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FISCAL IMPACT:
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N/A |
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Additional Comments: |
The debt service on the bonds will be additionally secured with revenues received from the 1/4 cent Sales Tax. |
BACKGROUND:
At the January 21, 2025 meeting of the Board of County Commissioners, the Board authorized the County to request the Debt Management Commission approve the County’s proposal to issue the "Clark County, Nevada, General Obligation (Limited Tax) Flood Control Refunding Bonds (Additionally Secured with Pledged Revenues), Series 2025" (the "Series 2025 Bonds"), to allow for the refunding of all or a portion of the “Clark County, Nevada, General Obligation (Limited Tax) Flood Control Refunding Bonds (Additionally Secured with Pledged Revenues), Series 2015” (the "Series 2015 Bonds"), for interest rate savings, and approve a finding that the pledged revenues are sufficient to pay debt service on the Series 2025 Bonds and that no increase in the rate of ad valorem tax is necessary for the payment of the Series 2025 Bonds during the term thereof. Such a finding makes the Series 2025 Bonds exempt from abatement in the event the County ever had to levy a tax to pay the Series 2025 Bonds. On February 6, 2025, the Debt Management Commission met and approved the proposal to refinance the Series 2015 Bonds.
The Bond Ordinance authorizes the issuance 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 to refinance the Series 2015 Bonds; paying the costs of issuing the Series 2025 Bonds; providing the form, terms and conditions of the Series 2025 Bonds, the security therefore, and other details in connection therewith.
On February 13, 2025, the Clark County Regional Flood Control District Board approved the consent resolution agreeing to be bound by the provisions of the Bond Ordinance.
The savings will meet the criteria for refundings as set forth in the County's Debt Management Policy.
This action requires five affirmative votes for approval.