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 regarding the issuance of its “Clark County, Nevada, General Obligation (Limited Tax) Fire Station and Training Center Bonds (Additionally Secured by Pledged Revenues), Series 2023”, in the maximum principal amount of $50,000,000.
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FISCAL IMPACT:
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Funded PGM/Grant: |
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Additional Comments: |
The debt service on the bonds will be repaid by Consolidated Tax. Per NRS the County is authorized to pledge up to 15% of the Local Government Tax Distribution Fund allocable to the County. The Local Government Tax Distribution Fund consists of local government revenues from six sources: Supplemental City/County Relief Tax (“SCCRT”), Basic City/County Relief Tax (“BCCRT”), Cigarette Tax, Liquor Tax, Governmental Services Tax (“GST”), and Real Property Transfer Tax (“RPTT”). The law allows for up to 15% of the combination of these six revenues (the “Consolidated Tax”) to be pledged as security for debt. |
BACKGROUND:
At the December 6, 2022, Board of County Commissioners meeting, the Board authorized the County to publish the Notice of Public Hearing. The Notice was published on December 10, 2022, December 17, 2022, and December 24, 2022, in a newspaper of general circulation. The Notice of Public Hearing provided notice to the public regarding the time and place that they may have an opportunity to be heard on this matter. The Chair should open the public hearing, take any public comment, and close the public hearing. No action is required to be taken.