FY2016 CCDOA Financial Report as of 6302016.pdf - page 100

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
87
Passenger Facility Charge Revenue Bonds
Series 2007A:
In April 2007, the County issued $219.0 million of fixed rate Airport Passenger Facility Charge Revenue
Bonds, Series 2007 A-1 AMT and 2007 A-2 Non-AMT, in the amounts of $113.5 million and $105.5 million,
respectively. The bond proceeds were being used to reimburse the Department for certain capital
improvements at the Airport, to fund a debt service reserve, and to pay for bond issuance costs. The
bonds have interest rates in the range of 4.00 to 5.00 percent with yields that vary from 4.02 to 4.52
percent. The 2007 A-1 Bonds have staggered scheduled maturities through July 1, 2026. The 2007 A-2
Bonds had staggered scheduled maturities through July 1, 2027. Interest payments are due on January
1 and July 1 of each year, and scheduled principal payments are due on July 1. The bonds are insured
by Ambac. On July 22, 2015, the Series 2007A-2 Bonds were refunded by the Series 2015C Bonds.
Series 2008A:
In June 2008, the County issued $115.9 million of fixed rate Non-AMT Airport Passenger Facility Charge
Revenue Bonds, Series A. The bonds have interest rates of 5.00 to 5.25 percent and yields ranging from
3.06 to 4.52 percent. The bonds have staggered scheduled maturities through July 1, 2018. Interest
payments are due on January 1 and July 1 of each year, and scheduled principal payments are due
on July 1. The bonds were issued for the purpose of refunding a portion of the Non-AMT Airport
Passenger Facility Charge Revenue Bonds Series 1998A and to pay for certain costs of issuance. The
bonds are not insured but have a debt service reserve requirement, which was properly funded upon
the refunding of the 1998A PFC Bonds with 2012 Passenger Facility Charge Refunding Revenue Bonds.
Series 2010A:
On January 22, 2010, the County issued $450.0 million of fixed rate Non-AMT Private Activity Passenger
Facility Charge Revenue Bonds Series 2010A. The bonds interest rates range between 3.00 percent and
4.625 percent, and the yields vary from 2.02 to 5.42 percent. The bonds have staggered scheduled
maturities through July 1, 2042. Interest payments are due on January 1 and July 1 of each year, and
scheduled principal payments are due on July 1. The bonds were issued to finance the costs of the T3
project and to make a deposit in the debt service reserve fund, and to pay certain issuance costs. A
portion of the Series 2010A Bonds in the amount of $158.7 million is insured by Assured Guaranty
Municipal Corp.
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