File #: 24-275   
Status: Agenda Ready
File created: 2/21/2024 In control: Clark County Board of Commissioners
On agenda: 3/5/2024 Final action:
Title: Approve and adopt a resolution appointing BofA Securities, Inc. as replacement remarketing agent for the Airport System Subordinate Lien Revenue Bonds, Series 2008D-3, and approve the execution and delivery of related documents. (For possible action)
Attachments: 1. Staff Report, 2. Remarketing on 2008D-3 Bonds Agreement Approval Resolution

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Rosemary A. Vassiliadis, Director of Aviation

Recommendation: 

title

Approve and adopt a resolution appointing BofA Securities, Inc. as replacement remarketing agent for the Airport System Subordinate Lien Revenue Bonds, Series 2008D-3, and approve the execution and delivery of related documents. (For possible action)

body

 

 

FISCAL IMPACT:

Fund #:

5220.000

Fund Name:

Airport System Debt Service

Fund Center:

2200400070

Funded PGM/Grant:

N/A

Amount:

N/A

Description:

Appoint BofA Securities, Inc. as remarketing agent on the Airport System Subordinate Lien Revenue Bonds, Series 2008D-3

Additional Comments:

These bonds will continue to be secured and repaid from airport system revenues

 

BACKGROUND: 

Citibank NA currently remarkets the 2008D-3 bonds and has announced its decision to exit the municipal finance market, therefore BofA Securities, Inc. (BofA) has been identified as the replacement remarketing agent for the bonds. 

BofA currently provides the letter of credit supporting the 2008D-3 bonds and this resolution appoints BofA as the replacement remarketing agent for these bonds. 

The airport's Financial Advisors and Bond Counsel reviewed all related material for this item.