FY2016 CCDOA Financial Report as of 6302016.pdf - page 101

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
88
Series 2010F:
On November 4, 2010, the County issued $204.2 million of Non-AMT Private Activity Passenger Facility
Charge Refunding Revenue Bonds, comprising the 2010 F-1 Bonds with a principal of $104.2 million and
the 2010 F-2 Bonds with a principal of $100.0 million. The bonds were issued at a premium of $9.8 million
and resulted in a loss on refunding of $10.8 million. The 2010 F-1 Bonds have stated fixed interest rates
ranging between 2.00 and 5.00 percent, and the 2010 F-2 Bonds have a weekly variable rate; yields
vary from 0.54 to 2.63 percent. The F-1 series have staggered scheduled maturities through July 1, 2017,
and the F-2 series matures on July 1, 2022. 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 the 2005A PFC Bonds and to pay for certain costs of their issuance. This refunding resulted in
a net present value savings of $2.4 million. Upon issuance of the 2010 F-2 Bonds, an Irrevocable Direct-
Pay Letter of Credit was established with a term through November 4, 2013, but the term was extended
until August 9, 2016. On July 8, 2016, this Letter of Credit was extended through August 7, 2020. See
Note 17, "Subsequent Events," for further details.
Series 2012B:
On July 1, 2012, the County issued $64.4 million of Non-AMT Airport Passenger Facility Charge Refunding
Revenue Bonds ("Series 2012B") at a premium of $9.0 million. The interest rate on the bonds is fixed at
5.00 percent. The bonds have staggered scheduled maturities through July 1, 2033. Interest payments
are due on January 1 and July 1 of each year, and scheduled principal payments are due on July 1.
The Series 2012B Bonds refunded $81.7 million of the Series 1998A PFC Bonds. This refunding provided a
future cash flow savings of $10.2 million, with a net present value savings of $5.5 million.
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