FY2016 CCDOA Financial Report as of 6302016.pdf - page 96

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
83
Subordinate Lien Bonds
Series 2006A:
In August 2006, the County issued $100.0 million in fixed rate Non-AMT Airport System Subordinate Lien
Revenue Bonds. The bonds had fixed interest rates ranging from 4.00 percent to 5.00 percent, and the
yields vary from 3.58 to 4.70 percent. The 2006A Bonds had staggered scheduled maturities through
July 1, 2040. Interest payments were due on January 1 and July 1 of each year, and scheduled
principal payments were due on July 1. The 2006A Bond proceeds were used to finance certain
runway and apron improvements at the Airport, to fund a debt service reserve, and to pay certain
issuance costs. The bonds were insured by Ambac. On July 1, 2016, the outstanding principal balance
and interest due on these bonds was called for full redemption. See Note 17, "Subsequent Events," for
further details.
Series 2007 A-1 and A-2:
In May 2007, the County issued $206.7 million in fixed rate Airport System Subordinate Lien Revenue
Bonds, $150.4 million as the 2007 A-1 AMT Bonds and $56.3 million as the 2007 A-2 Non-AMT Bonds. Both
bonds have a fixed interest rate of 5.00 percent, and the yields range from 3.96 to 4.43 percent. The
2007 A-1 Bond have staggered scheduled maturities through July 1, 2027, and the 2007 A-2 Bonds have
staggered scheduled maturities through July 1, 2040. Interest payments are due on January 1 and July
1 of each year, and scheduled principal payments are due on July 1. The 2007A Bond proceeds were
used to finance the early civil package associated with the T3 project, to fund a debt service reserve,
and to pay certain issuance costs. The bonds are insured by Ambac.
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