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) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2026”, in the maximum principal amount of $177,140,000 for the purpose of refunding securities issued by the County on behalf of the Southern Nevada Water Authority, as if an emergency exists; providing the form, terms and conditions of the bonds and other details in connection therewith; and providing other matters relating thereto. (For possible action)
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FISCAL IMPACT:
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Additional Comments: |
The debt service on the bonds is anticipated to be paid with revenues from the Southern Nevada Water Authority rates and charges. |
BACKGROUND:
At the February 3, 2026 meeting of the Board of County Commissioners, the Board authorized the County to request the Debt Management Commission to approve the County’s proposal to issue the “Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2026” (the “Series 2026 Bonds”) to refund all or a portion of the "Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2016A" (the "Series 2016A Bonds") and the “Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2016B” (the “Series 2016B Bonds”) for interest rate savings, and approve a finding that the pledged revenues are sufficient to pay debt service on the Series 2026 Bonds and that no increase in the rate of ad valorem tax is necessary for the payment of the Series 2026 Bonds during the term thereof. Such a finding makes the Series 2026 Bonds exempt from abatement in the event the County ever had to levy a tax to pay the Series 2026 Bonds. On February 5, 2026, the Debt Management Commission met and approved the proposal to refinance the Series 2016A Bonds and the Series 2016B Bonds.
The Bond Ordinance authorizes the issuance of the "Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2026", in the maximum principal amount of $177,140,000 to refinance the Series 2016A Bonds and the Series 2016B Bonds and pay the costs of issuing the Series 2026 Bonds; providing the form, terms and conditions of the Series 2026 Bonds, the security therefore, and other details in connection therewith.
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.