FY2016 CCDOA Financial Report as of 6302016.pdf - page 98

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
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On March 18, 2011, a reoffering occurred on the Series 2008 C-1, 2008 D-1, and 2008 D-2 Bonds.
Concurrent with this reoffering, the Letters of Credit for the Series 2008 C-1, 2008 D-1, and 2008 D-2
Bonds were replaced, and the new Letters of Credit were set to expire on March 17, 2014. Also, as a
result of the reoffering, the 2008 D-2 Bond was split into the 2008 D-2A and 2008 D-2B Bonds with $100.0
and $99.6 million in principal value, respectively. In FY 2014, the Series 2008 C-1 Letter of Credit was
extended until December 11, 2017. On January 1, 2014, a reoffering occurred on the Series 2008 D-1
and 2008 D-2 Bonds. Concurrent with this reoffering, the Letters of Credit for the Series 2008 D-1 and
2008 D-2 Bonds were replaced. The new Letters of Credit expire on January 27, 2017, and the
remarketing agreements pertaining to these bonds were also replaced. The Letters of Credit for the
2008 C-2 and 2008 C-3 Bonds had a term effective until March 17, 2015. On February 18, 2015, a
reoffering occurred on the Series 2008 C-2 and 2008 C-3 Bonds. Concurrent with this reoffering, the
Letters of Credit for the 2008 C-2 and 2008 C-3 Bonds were replaced with Irrevocable Direct-Pay Letters
of Credit that have a scheduled termination date of February 15, 2019.
Series 2008 D-3:
In March, 2008, the County issued $122.9 million in Non-AMT weekly variable rate debt obligations. The
Series 2008 D-3 Bonds were issued for the purpose of refunding the outstanding Clark County, Nevada,
2001C Bonds. The bonds have staggered scheduled maturities through July 1, 2029. Interest payments
are due on January 1 and July 1 of each year, and scheduled principal payments are due on July 1.
On March 18, 2011, a reoffering occurred on the series 2008 D-3 Bonds. Concurrent with this reoffering,
the Letter of Credit for the 2008 D-3 was replaced. The new Letter of Credit associated with the 2008 D-
3 Bonds had a term through 2015, but the term was extended to November 4, 2016. On July 8, 2016,
the Letter of Credit was extended through July 8, 2019. See Note 17, "Subsequent Events," for further
details.
Series 2009C:
On September 16, 2009, the County issued $168.5 million of fixed rate Non-AMT, Private Activity Airport
System Subordinate Lien Revenue Bonds. The bonds have an interest rate of 5.00 percent, and the yield
varies from 4.12 to 4.45 percent. The bonds have staggered scheduled maturities through July 1, 2026,
and are insured by Financial Security Assurance Inc. 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 pay for
the construction costs of a portion of the T3 project, to fund a capitalized interest account, to pay
certain issuance costs, and to purchase a reserve fund surety policy.
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