FY2016 CCDOA Financial Report as of 6302016.pdf - page 103

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
90
Series 2013 C-1 and C-2 Notes:
On July 1, 2013, the Department issued the $174.3 million, two-year Series 2013 C-1 Non-AMT Junior
Subordinate Lien Revenue Notes ("Series 2013 C-1 Notes") to refund the Series 2012 A-1 Junior Lien
Revenue Notes and to pay certain issuance costs. The Series 2013 C-1 Notes have a stated interest rate
of 2.50 percent and a yield of 0.70 percent. On that same date, the Department also issued the $118.3
million, one-year 2013 C-2 Non-AMT Junior Subordinate Lien Revenue Notes ("Series 2013 C-2 Notes") to
refund the Series 2012 A-2 Junior Lien Revenue Notes and to pay certain issuance costs. The Series 2013
C-2 Notes had a stated interest rate of 2.00 percent and a yield of 0.35 percent. On July 1, 2014, the
2013 C-2 Notes were refunded for the Series 2014B Notes, and on July 1, 2015, the 2013 C-1 Notes were
refunded for the Series 2015B Notes.
Series 2015B Notes:
On July 1, 2015, the County issued Airport System Junior Subordinate Lien Revenue Notes Series 2015B
("Series 2015B Notes") for $165.1 million. The Series 2015B Notes consists of two principal components
and were issued for the purpose of refunding the Series 2013 C-1 Junior Subordinate Lien Revenue
Notes and for paying certain costs of issuance. The first principal component of $60.0 million bears an
annual fixed interest rate of 3.00 percent. The second principal component of $105.1 million bears an
annual fixed interest rate of 5.00 percent. Both principal components are scheduled to mature on July
1, 2017. Interest payments are due on January 1 and July 1 of each year until the scheduled maturity.
General Obligation Bonds
Series 2008A General Obligation Bonds:
In February 2008, the County issued $43.1 million in Series 2008A AMT variable rate General Obligation
(Limited Tax) Bonds. The bonds were issued as weekly variable rate debt obligations. The bonds mature
on 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 were issued to refund the outstanding principal
amount of General Obligation (Limited Tax) Airport Bonds, Series 2003A, and to pay certain costs of
issuance. A Standby Bond Purchase Agreement with an expiration date of February 26, 2015, was
executed in connection with the issuance of these bonds. On February 18, 2015, the County elected to
effectuate the mandatory tender for purchase of all Series 2008A General Obligation Bonds pursuant
to the termination and replacement of the existing Standby Bond Purchase Agreement securing these
bonds. The new Standby Bond Purchase Agreement has a scheduled termination date of February 15,
2019.
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