CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Jessica L. Colvin, Chief Financial Officer |
Recommendation:
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Conduct a public hearing pursuant to NRS 354.6118; approve, adopt and authorize the Chair to sign a resolution authorizing the Chair to execute a Cooperative Interlocal Agreement between Clark County and Big Bend Water District to finance the design, construction, and related studies of water projects in the Fort Mohave Valley. (For possible action)
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FISCAL IMPACT:
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Fund #: |
4340.000 |
Fund Name: |
For Mohave Valley Development Capital Improvement |
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Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
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Amount: |
Up to $11,000,000 |
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Description: |
N/A |
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Additional Comments: |
N/A |
BACKGROUND:
The Fort Mohave Valley Development Law, amended by Chapter 427 of the 2007 Nevada Statutes (the "FMVD Law"), transferred authority for developing and selling state lands in the Fort Mohave Valley from the Colorado River Commission to the Clark County Board of Commissioners (the "BCC"). Allowable expenditures under Section 9 of the FMVD Law includes the planning, design and construction of capital improvements which develop the land in the Fort Mohave Valley or in any general improvement district, special district, town or city whose territory contains all or a part of the land in the Fort Mohave Valley.
The Fort Mohave Valley requires additional water storage facilities for the further development of the community. The design, construction, and related studies of the water storage facilities has been determined to be an allowable use of the Fort Mohave Development Funds ("Funds").
The cooperative interlocal agreement between Clark County and Big Bend Water District authorizes the loan of Funds to Big Bend Water District for a hydraulic study and design and potential construction of two water storage tanks in the Fort Mohave Valley. By approving the resolution the BCC is hereby determining that there is sufficient money available in the Fund for the loan and that the money is permitted to be used for the loan and is not otherwise restricted as to its use and the loan will not compromise the economic viability of the Fund from which the money is loaned.
Finance terms include:
Initial loan not to exceed $2,000,000 for the hydraulic study and water tank(s) design;
Up to an additional $9,000,000 for the construction of water tank(s), subject to BCC approval;
30 year term;
0% interest;
Principal payments paid from Big Bend Water District connection charges;
Unpaid principal balance at the end of term shall be forgiven.