CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Jessica L. Colvin, Chief Financial Officer |
Recommendation:
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Approve, adopt and authorize the Chair to sign the Bond Ordinance concerning the issuance and payment of "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; as if an emergency exists. (For possible action)
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FISCAL IMPACT:
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Additional Comments: |
The debt service on the long-term 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 October 18, 2022, 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 general obligations to finance the cost of acquiring, improving and equipping building projects as defined in NRS 244A.019, including but not limited to a fire station and fire training center for use by Clark County. On December 1, 2022, the Debt Management Commission met and approved the proposal. At the December 6, 2022, meeting of the Board of County Commissioners, the Board adopted a resolution of intent to issue the Bonds. On January 17, 2023, the Board held a public hearing as required by the resolution of intent.
The bond ordinance authorizes the issuance of the “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, and paying the costs of issuing the bonds; providing the form, terms and conditions of the bonds, the security therefor, and other details in connection therewith.
This action requires five affirmative votes for approval.