CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Rosemary A. Vassiliadis, Director of Aviation |
Recommendation:
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Approve, adopt, and authorize the Chair to sign a resolution authorizing: (i) a replacement Credit Facility provided by Sumitomo Mitsui Banking Corporation that supports the Airport System Subordinate Lien Revenue Bonds, Series 2008D-2B; (ii) a Fee Agreement with Sumitomo Mitsui Banking Corporation relating to the Credit Facility provided by Sumitomo Mitsui Banking Corporation; (iii) an Amended and Restated Remarketing Agreement with RBC Capital Markets, LLC; (iv) a related Reoffering Memorandum; (v) approving the execution and delivery of related documents; and (vi) providing for other matters properly related thereto. (For possible action)
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FISCAL IMPACT:
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Fund #: |
5220.000 |
Fund Name: |
Airport System Debt Service |
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Fund Center: |
2200400070 |
Funded PGM/Grant: |
N/A |
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Amount: |
N/A |
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Description: |
Approve the replacement credit facility, fee agreement, amended and restated remarketing agreement, and reoffering memorandum for the Airport System Subordinate Lien Revenue Bonds Series 2008D-2B. |
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Additional Comments: |
These Bonds will continue to be secured and repaid from Airport System revenues. |
BACKGROUND:
The 2008D-2B Bonds are secured by a credit facility provided by Barclays Bank PLC. Sumitomo Mitsui Banking Corporation has agreed to provide a replacement credit facility on more favorable terms, which are set forth in a related fee agreement. In connection with the issuance of the replacement credit facility, the existing remarketing agreement with RBC will be amended and restated to reflect the change in credit facility provider and a new reoffering memorandum will be prepared.
The terms outlined in these agreements reflect current market conditions for these types of transactions. The Airport's Financial Advisors and Bond Counsel have reviewed all related materials contained in this item.