CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Jessica L. Colvin, Chief Financial Officer |
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, Highway Revenue Bonds (Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax), Series 2021", in the maximum principal amount of $100,000,000, as if an emergency exists. (For possible action)
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FISCAL IMPACT:
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Fund #: |
N/A |
Fund Name: |
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Fund Center: |
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Funded PGM/Grant: |
N/A |
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Amount: |
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Description: |
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Additional Comments: |
The debt service on the bonds will be paid from Motor Vehicle Tax Revenues and a supplemental fuel tax on certain fuels together with certain annual increases. |
BACKGROUND:
On March 11, 2021, the RTC Board adopted a request resolution to the Board of County Commissioners to issue “Clark County, Nevada, Highway Revenue Bonds (Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax), Series 2021", in one series or more, to allow for the issuance of revenue bonds to finance or refinance the costs of constructing certain major streets and highways in the County.
The Ordinance authorizes the issuance of the “Clark County, Nevada, Highway Revenue Bonds (Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax), Series 2021", in the maximum principal amount of $100,000,000; funding a reserve; paying the costs of issuing the bonds; providing the form, terms and conditions of the bonds, the security therefor, and other details in connection therewith.
This action requires five affirmative votes for approval.