FY2016 CCDOA Financial Report as of 6302016.pdf - page 99

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
86
Series 2010B:
On January 22, 2010, the County issued $350.0 million of fixed rate Non-AMT Private Activity Airport System
Subordinate Lien Revenue Bonds. The bonds bear stated interest rates from 5.00 percent to 5.75 percent with
yields that vary from 5.125 to 5.35 percent. The bonds have staggered scheduled maturities through 2042.
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 a portion of the T3 project, to fund capitalized interest during
construction, to pay certain issuance costs, and to make a cash deposit in the debt service reserve fund. The
bonds were not insured.
Series 2011B:
In August 2011, the County issued $200.0 million in AMT weekly variable rate debt obligations. The Series 2011
B-1 Bonds and the Series 2011 B-2 Bonds each were issued for $100.0 million in principal to refund the
outstanding Clark County, Nevada, Airport System Junior Subordinate Lien Revenue Bonds, Series 2008 A-1
Bonds and 2008 B-1 Bonds, each of which had been issued for $100.0 million in principal. The bonds have
staggered scheduled maturities through July 1, 2022. Interest payments are due on January 1 and July 1 of
each year, and scheduled principal payments are due on July 1. The Irrevocable Direct-Pay Letter of Credit
for the 2011 B-1 Bonds carried a term through 2014, but was extended until March 17, 2017. The Irrevocable
Direct-Pay Letter of Credit for the 2011 B-2 Bonds had a term through 2014, but was extended until December
20, 2017.
Series 2014A:
On April 8, 2014, the Department issued the Series 2014 A-1 (AMT) Bonds and the Series 2014 A-2 Bonds for
$96.0 million and $221.9 million with premiums of $9.9 million and $11.5 million, respectively. The Series 2014 A-1
Bonds bear stated interest rates from 4.00 percent to 5.00 percent, with yields that vary from 0.14 percent to
3.34 percent. These bonds have staggered scheduled maturities through 2024 with the first payment due July
1, 2014. The Series 2014 A-2 Bonds bear stated interest rates from 4.00 percent to 5.00 percent, with yields that
vary from 3.26 percent to 4.43 percent. These bonds have staggered scheduled maturities starting in July 1,
2025 through 2036. Interest payments for both series are due on January 1 and July 1 of each year, and
scheduled principal payments are due on July 1. The 2014 A-1 and 2014 A-2 Bonds refunded the 2004 A-1
and 2004 A-2 Bonds, respectively. The refunding of the 2004 A-1 resulted in a gain on refunding of $2.7 million,
while the refunding of the 2004 A-2 resulted in a loss on refunding of $4.0 million. The refunding of the 2004 A-1
and 2004 A-2 Series each provided a net present value savings of $13.6 million and $18.5 million, respectively.
In addition to refunding the Series 2004A Bonds, the 2014 A-1 and A-2 Bonds were issued to fund debt service
reserves, to pay bond issuance costs, and to pay the bond insurance premium for the Series 2014 A-2 Bond
scheduled to mature on July 1, 2031.
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