FY2016 CCDOA Financial Report as of 6302016.pdf - page 92

Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
On July 1, 2015, the County issued the Series 2015B Airport Junior Subordinate Lien Revenue Notes
("Series 2015B Notes") for $165.125 million. The proceeds were used to satisfy the outstanding principal
and interest balance of the 2013 C-1 Airport System Junior Subordinate Lien Notes and to pay certain
issuance costs.
On July 1, 2014, the Department issued the $103.4 million Series 2014B Junior Subordinate Lien Revenue
Notes ("Series 2014B Notes") to refund the Series 2013 C-2 Junior Subordinate Lien Revenue Notes
("Series 2013 C-2 Notes") and to pay certain costs of issuance thereof. The Series 2014B Notes have a
stated interest rate of 5.00 percent, a yield of 1.14 percent, and a maturity date of July 1, 2018.
(f) General Obligation Bonds
The general obligation bonds were issued pursuant to the Nevada Municipal Airports Act (NRS
§§496.010 et seq.), the Nevada Local Government Securities Law (NRS §§350.500 et seq.), and the
Nevada Registration of Public Securities Law (NRS §§348.010 et seq.). All general obligation bonds are
issued in accordance with the Indenture between Clark County and The Bank of New York Mellon Trust
Company, N.A.
These bonds constitute direct and general obligations of the County. The full faith and credit of the
County is pledged for the payment of principal and interest subject to Nevada constitutional and
statutory limitations on the aggregate amount of ad valorem taxes and to certain other limitations on
the amount of ad valorem taxes the County may levy.
The general obligation bonds are secured by and payable from a claim on the net revenues of the
Airport System after the payment of all Airport System operating and maintenance expenses and after
the payment of all senior lien debt service, subordinate lien debt service, PFC lien debt service, and
junior subordinate lien and Jet A bonds lien debt service. Pursuant to the Indenture, the County has
covenanted to fix, charge, and collect rentals, fees, and charges for the use of the Airport System
sufficient to pay debt service on the senior lien bonds, the subordinate lien bonds, the general
obligation (limited tax) Airport bonds, the PFC bonds, and the junior subordinate lien debt and Jet A
bonds. As of June 30, 2016, the Department had $76.0 million in outstanding general obligation bonds.
On February 18, 2015, the County elected to effectuate a 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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