Clark County - File #: 21-1358

• File #: 21-1358
• Status: Agenda Ready
• File created: 9/9/2021
• In control: Clark County Board of Commissioners
• On agenda: 9/21/2021
• Title: 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 2021", in the maximum principal amount of $70,000,000, as if an emergency exists. (For possible action)

Date	Action By	Action	Result
9/21/2021	Clark County Board of Commissioners	Approved; Agenda note: DISCUSSION: Commissioner Kirkpatrick introduced the proposed ordinance. Upon request of the Chair, the Clerk read the ordinance by title (Bill No. 9-21-21-3). Chair Kirkpatrick opened the public hearing and asked if there were any persons present in the audience wishing to be heard on the matter. SPEAKER(S): None There being no persons present wishing to be heard on the matter, Chair Kirkpatrick closed the public hearing.	Pass

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

Petitioner:

Jessica L. Colvin, Chief Financial Officer

Recommendation: 

title

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 2021", in the maximum principal amount of $70,000,000, as if an emergency exists.  (For possible action)

body

FISCAL IMPACT:

Fund #:	N/A	Fund Name:	N/A
Fund Center:	N/A	Funded PGM/Grant:	N/A
Amount:	N/A
Description:	N/A
Additional Comments:	The debt service on the Series 2021 Bonds will be additionally secured with revenues paid from the Southern Nevada Water Authority.

BACKGROUND: 

At the July 20, 2021 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 2021" (the "Series 2021 Bonds"), to allow for the refunding of the "Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2006" (the "Series 2006 Bonds") for interest rate savings, and approve a finding that the pledged revenues are sufficient to pay debt service on the Series 2021 Bonds and that no increase in the rate of ad valorem tax is necessary for the payment of the Series 2021 Bonds during the term thereof. Such a finding makes the Series 2021 Bonds exempt from abatement in the event the County ever had to levy a tax to pay the Series 2021 Bonds. On August 25, 2021, the Debt Management Commission met and approved the proposal to refinance the Series 2006 Bonds.

The Ordinance authorizes the issuance of the "Clark County, Nevada, General Obligation (Limited Tax) Bond Bank Refunding Bonds (Additionally Secured by SNWA Pledged Revenues), Series 2021", in the maximum principal amount of $70,000,000 to refinance the Series 2006 Bonds and pay the costs of issuing the Series 2021 Bonds; providing the form, terms and conditions of the Series 2021 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.