FY2016 CCDOA Financial Report as of 6302016.pdf - page 67

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
54
(f) Trustee Cash
In accordance with the Master Indenture of Trust dated May 3, 2003, as amended, between the
County and the Bank of New York Mellon ("Trustee"), the Department uses the Trustee to retain all debt
service reserve funds and to make all annual debt service payments to bondholders. As of June 30,
2016 and 2015, the Trustee held $480.4 million and $449.4 million, respectively, of the Department’s
cash and investments restricted for debt service reserves, bond proceeds, and annual debt service
payments.
As of June 30, 2016, of the $480.4 million held by the Trustee, $253.3 million in cash and cash
equivalents was invested in United States Government Money Market Funds, and $227.1 million was
invested in short- and long-term investments with entities as indicated in the table below.
Fair Value
FY2016
Investment Type
(000)
Less Than 1
1 to 3
3 to 5
5 to 10
Over 10
US Treasury Notes
67,174
$
67,174
$
-
$
-
$
-
$
-
$
Federal FarmCredit Bank Discounts
26,482
26,482
-
-
-
-
Federal FarmCredit Bank Non-Callables
17,003
17,003
-
-
-
-
Federal Home Loan Mortgage Corporation Callables
9,011
-
9,011
-
-
-
Federal Home Loan Mortgage Corporation Non-Callables
8,005
8,005
-
-
-
-
Federal Home Loan Bank Discounts
19,970
19,970
-
-
-
-
Federal Home Loan Bank Non-Callables
30,517
21,506
9,011
-
-
-
Federal National Mortgage Association Non-Callables
34,082
20,034
14,048
-
-
-
FSA Collateralized Investment Agreement *
14,868
-
-
-
-
14,868
227,112
$
180,174
$
32,070
$
-
$
-
$
14,868
$
Investment Ratings
Moody's
S&P
US Treasury Notes
Aaa
AA+
Federal FarmCredit Bank Discounts
P-1
A-1+
Federal FarmCredit Bank Non-Callables
Aaa
AA+
Federal Home Loan Mortgage Corporation Callables
Aaa
AA+
Federal Home Loan Mortgage Corporation Non-Callables
Aaa
AA+
Federal Home Loan Bank Discounts
P-1
A-1+
Federal Home Loan Bank Non-Callables
Aaa
AA+
Federal National Mortgage Association Non-Callables
Aaa
AA+
FSA Collateralized Investment Agreement *
A2
AA-
* Series 2007A Debt Service Reserve Fund invested through the life of the bond issue, July 1, 2040, with a maximum scheduled withdrawal
of $9.5 million due on July 1, 2027.
Investment Maturities (in Years)
As of June 30, 2015, of the $449.4 million held by the Trustee, $190.5 million in cash and cash
equivalents was invested in United States Government Money Market Funds, and $258.9 million was
invested in short- and long-term investments with entities as indicated in the table below.
1...,57,58,59,60,61,62,63,64,65,66 68,69,70,71,72,73,74,75,76,77,...169
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