CLARK COUNTY Water Reclamation District
Board of Trustees
AGENDA ITEM
|
Petitioner: |
Thomas A. Minwegen, General Manager |
Recommendation:
title
Approve, adopt, and authorize the Chair to sign District Resolution 23-004, providing for the issuance and payment of “Clark County Water Reclamation District, Nevada, General Obligation (Limited Tax) Water Reclamation Bonds, (Additionally Secured by Pledged Revenues) Series 2023”, in the maximum principal amount of $340,000,000. (For Possible Action)
body
FISCAL IMPACT:
|
Fund #: |
Capital Funds |
Fund Name: |
CCWRD General Funds |
|
Fund Center: |
CCWRD Funds |
Funded PGM/Grant: |
N/A |
|
Amount: |
N/A |
|
Description: |
Bond Issuance |
|
Additional Comments: |
The debt service will be repaid from pledged revenues |
BACKGROUND:
The District is seeking authorization to issue General Obligation (Limited Tax) Bonds (additionally secured by pledged revenues) in an amount not to exceed $340,000,000 (the “Proposal”) for the purpose of financing the District’s Five-Year Capital Improvement Plan (FY 2022/23 through FY 2026/27), estimated at $1.1 Billion.
On November 15, 2022, the Board approved District Resolution 22-005, the 2023 Clark County Water Reclamation District Debt Management Commission Notice of the Proposal, and directed the Secretary of the District to notify the Debt Management Commission of the Proposal and requested it convene to consider approval of the Proposal.
On December 1, 2022, the Debt Management Commission convened and approved the proposal.
At the December 6, 2022, meeting the Board authorized the Chair to sign District Resolution 22-006, a Resolution of Intent to issue the Bonds, and on February 21, 2023, a public hearing was held for public comment. No comments were made by the public.
Staff recommends the Board of Trustees approve, adopt and authorize the Chair to sign District Resolution 23-004, authorizing the issuance and payment of “Clark County Water Reclamation District, Nevada, General Obligation (Limited Tax) Water Reclamation Bonds, (Additionally Secured by Pledged Revenues) Series 2023”, in the maximum principal amount of $340,000,000.
This action requires four affirmative votes for approval.
This agenda item has been reviewed and approved by the District General Counsel.