FY2016 CCDOA Financial Report as of 6302016.pdf - page 97

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
84
Series 2008 A-2 and B-2:
In June 2008, the County issued $300.0 million in AMT weekly variable rate debt obligations. In
particular, the Series 2008A and 2008B Bonds were issued to refund the outstanding Clark County,
Nevada, Airport System Junior Subordinate Lien Revenue Notes Series 2006 B-1 and to pay certain costs
of issuance. The 2008A and B Series consisted of the Series 2008 A-1 Bonds ($100.0 million), the Series
2008 A-2 Bonds ($50.0 million), the Series 2008 B-1 Bonds ($100.0 million), and the Series 2008 B-2 Bonds
($50.0 million). In August 2011, the Series 2008 A-1 Bonds were refunded by the Series 2011 B-1 Bonds,
and the Series 2008 B-1 Bonds were refunded by the Series 2011 B-2 Bonds. Interest payments are due
on January 1 and July 1 of each year, and scheduled principal payments are due on July 1. The Series
2008 A-2 and B-2 Bonds mature on July 1, 2022. The Standby Bond Purchase Agreement for the Series
2008 A-2 and B-2 Bonds had a term through 2013. On February 20, 2013, the County elected to effect a
mandatory tender for purchase of the Series 2008 A-2 and B-2 Bonds. On this date, the existing Standby
Bond Purchase Agreement securing the tender for purchase of these bonds was terminated, and
letters of credit securing the payment of the principal and interest on these bonds whenever any
amount is payable on these bonds were issued. On February 18, 2015, the Letters of Credit for the Series
2008 A-2 and Series 2008 B-2 were extended through February 15, 2019.
Series 2008C, 2008 D-1, and 2008 D-2:
In March 2008, the County issued $524.5 million in weekly variable rate debt obligations, comprising
$266.0 million in AMT debt and $258.5 in Non-AMT debt. The Series 2008C, 2008 D-1, and 2008 D-2 Bonds
were issued for the purpose of paying the cost of issuance and for the purpose of refunding the
outstanding Clark County, Nevada Adjustable Rate Airport System Subordinate Lien Revenue Bonds,
Series 2005B; the outstanding Clark County, Nevada Airport System Subordinate Lien Revenue Bonds,
Series 2005 C-1A and Series 2005 C-1B, Series 2005 C-2, and Series 2005 C-3; the outstanding Clark
County, Nevada Airport System Subordinate Lien Revenue Bonds, Series 2005 D-1, Series 2005 D-2, and
Series 2005 D-3; and the outstanding Clark County, Nevada Airport System Subordinate Lien Revenue
Bonds, Series 2005 E-1, Series 2005 E-2, and Series 2005 E-3. Final maturity for the 2008 C-1 Bonds issue is
July 1, 2040; final maturities for the 2008 C-2 and C-3 Bonds are July 1, 2029; final maturity for the 2008 D-
1 Bond is July 1, 2036; and final maturity for the for the 2008 D-2 Bonds is 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.
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