File #: 21-695   
Status: Agenda Ready
File created: 5/5/2021 In control: Clark County Board of Commissioners
On agenda: 5/18/2021 Final action:
Title: Approve and adopt as though an emergency exists and authorize the Chair to sign an ordinance authorizing: (i) the issuance of the County's Airport System Subordinate Lien Refunding Revenue Bonds, Series 2021A, and Airport System Junior Subordinate Lien Revenue Notes, Series 2021B; (ii) authorizing the redemption and early payment of all or a portion of the County's Airport System Subordinate Lien Revenue Bonds, Series 2008D-1; (iii) authorizing the payment and terminations of the interest rate exchange agreements associated with the Series 2008D-1 Airport Revenue Bonds; (iv) approving the execution and delivery of related documents; and (v) providing for other matters properly related thereto. (For possible action)
Attachments: 1. Staff Report, 2. Agenda Bond Ordinance 2021A and 2021B.pdf
Date Action ByActionResultAction DetailsMeeting DetailsVideo/Audio
5/18/2021 Clark County Board of Commissioners Approved as Recommended

Agenda note: DISCUSSION: Upon request of the Chair, the Clerk read the ordinance by title (Bill No. 5-18-21-6).		Pass Action details Meeting details Video/Audio Video/Audio

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Rosemary A. Vassiliadis, Director of Aviation

Recommendation: 

title

Approve and adopt as though an emergency exists and authorize the Chair to sign an ordinance authorizing: (i) the issuance of the County's Airport System Subordinate Lien Refunding Revenue Bonds, Series 2021A, and Airport System Junior Subordinate Lien Revenue Notes, Series 2021B; (ii) authorizing the redemption and early payment of all or a portion of the County's Airport System Subordinate Lien Revenue Bonds, Series 2008D-1; (iii) authorizing the payment and terminations of the interest rate exchange agreements associated with the Series 2008D-1 Airport Revenue Bonds; (iv) approving the execution and delivery of related documents; and (v) providing for other matters properly related thereto.  (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:

Approve the issuance of Airport System Refunding Revenue Bonds 2021A and Notes 2021B, and approving the redemption of all or a portion of the Airport System Subordinate Lien Revenue Bonds, Series 2008D-1 and associated interest rate exchange agreements with legally available revenues of the Airport System.

Additional Comments:

These Bonds will continue to be secured and repaid from Airport System Revenues

 

BACKGROUND: 

This ordinance approves and authorizes the issuance of the Airport System Subordinate Lien Revenue Bonds, Series 2021A and Airport System Junior Subordinate Lien Revenue Notes, Series 2021B to refund the Airport System Junior Subordinate Lien Revenue Notes Series 2018A and Airport System Junior Subordinate Lien Notes Series 2017C both of which become due on July 1, 2021.

This ordinance also authorizes the redemption and early payment of all or a portion of the County's Airport System Subordinate Lien Revenue Bonds, Series 2008D-1 and authorizes termination of existing swaps associated with the Series 2008D-1 bonds.  

The terms outlined in these agreements reflect current market conditions for these types of transactions and redemption of these outstanding bonds will achieve desirable savings and restructuring of debt. The Airport's Financial Advisors and Bond Counsel have reviewed and approved all related materials contained in this item.