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Record of Proceedings

Debt Management Commission Meeting – May 7, 2026

Meeting Portal — Thursday, May 7, 2026
BodyClark County, Nevada
SessionMeeting Portal
DateThursday, May 7, 2026
StatusFILED
Video Record
0:00 / 11:52

Transcript — Verbatim
0:00

Merrill you want to run it?

0:03

You want me to I can't be here, all right?

0:07

Well let's move call meeting to order.

0:10

Uh is that men into the commission meeting of July or uh Thursday, May 7th.

0:16

Um, roll call.

0:21

I need the right agenda.

0:23

I don't have the right agenda.

0:26

Yep, roll call.

0:27

Okay, please.

0:28

Chair Kirkpatrick.

0:33

Vice Chair Stewart.

0:35

Here Commissioner Becker here.

0:39

Councilman Churchill.

0:42

Here councilwoman Fielding.

0:48

Councilwoman Jergenson.

0:51

Here councilwoman Kelly.

0:56

Here Yolanda King.

1:00

Here.

1:01

Commissioner Naft?

1:03

Here.

1:04

Dan Shaw.

1:07

Dan will be.

1:08

Excuse Dadson.

1:09

Yeah.

1:10

Emily Stevens?

1:11

Here.

1:13

You have a quorum.

1:14

Okay, we have a quorum.

1:17

Comments by the general public.

1:18

We'll open up the uh meeting for public comment.

1:22

Is anyone on the line?

1:24

Anyone in the room?

1:26

Seeing here and hearing none, we'll close the public comment period.

1:30

Approval of the agenda.

1:32

Move approval.

1:33

We have a motion.

1:35

Second.

1:36

Have a second.

1:37

All in favor, please say aye.

1:39

Aye.

1:39

All right.

1:40

Aye.

1:40

Aye.

1:42

Any opposed?

1:43

Motion carries.

1:45

Okay.

1:46

Approval minutes from the regular meeting.

1:49

Held last month.

1:51

Have a motion, please.

1:53

Or is there any comments?

1:55

There are none on move approval.

1:56

I move approval.

1:58

Second.

1:59

Second.

2:01

I went ahead.

2:02

Okay.

2:03

Did you get that?

2:05

Okay.

2:06

We have a motion and a second.

2:09

All in favor, please.

Discussion Breakdown — Share of Meeting
Water And Wastewater Management█████████████████████████████████████████████71%
Procedural██████████████████29%
Summary of Proceedings

Debt Management Commission Meeting – May 7, 2026

The Debt Management Commission met on May 7, 2026, at 5:00 PM (UTC) to consider two proposed bond issuances for the Las Vegas Valley Water District (LVVWD) and the Southern Nevada Water Authority (SNWA). The meeting began with roll call, establishment of a quorum, approval of the agenda, and approval of minutes from the previous meeting. There were no public comments. The main business was a presentation by Guy Hobbs and Paul Johnson on two new money bond issuances, both for capital projects, followed by unanimous approval of both items.

Consent Calendar

  • Approval of the agenda (motion, second, unanimous).
  • Approval of minutes from the regular meeting held last month (motion, second, unanimous).

Public Comments & Testimony

  • No members of the public spoke or were present.

Discussion Items

  • Presentation on Bond Issuances: Guy Hobbs, joined by Paul Johnson (CFO for LVVWD and SNWA), summarized two proposed bond issuances:
    1. LVVWD 2026 Cs – $93 million: For Las Vegas Valley Water District capital improvements, 30-year term, AA+ rated, projected debt service coverage of 9.5 times in 2025 and 8–11 times thereafter.
    2. SNWA (issued through LVVWD) – $515 million: For Southern Nevada Water Authority capital projects, also 30-year term, AA+ rated, with projected coverage of approximately 6 times.
    • Both issuances are new money (not refunding) and include a covenant to raise water rates if needed to meet debt service; if rates are insufficient, a general obligation would require property tax increases. The presenters noted that the coverage ratios include the proposed debt.
  • Questions from Commissioners:
    • A commissioner (likely Commissioner Naft) asked if the $515 million issuance was for the “horizon lateral” redundancy project for the Three Road Parkway lateral. Paul Johnson confirmed yes.
    • Another commissioner asked why SNWA issues bonds through LVVWD. The answer: LVVWD is the local government issuing authority, and SNWA pledges revenue to secure the bonds via a master bond repayment agreement. This is the standard conduit arrangement.

Key Outcomes

  • Item 3 – Approval of LVVWD $93 million bond issuance: Motion by Commissioner Naft (or similar), seconded by Eric Helly. Approved unanimously (all ayes, no opposed).
  • Item 4 – Approval of SNWA $515 million bond issuance: Motion by Commissioner Naft, seconded by another commissioner. Approved unanimously.
  • The meeting adjourned without further public comment.

Meeting Transcript

Merrill you want to run it? You want me to I can't be here, all right? Well let's move call meeting to order. Uh is that men into the commission meeting of July or uh Thursday, May 7th. Um, roll call. I need the right agenda. I don't have the right agenda. Yep, roll call. Okay, please. Chair Kirkpatrick. Vice Chair Stewart. Here Commissioner Becker here. Councilman Churchill. Here councilwoman Fielding. Councilwoman Jergenson. Here councilwoman Kelly. Here Yolanda King. Here. Commissioner Naft? Here. Dan Shaw. Dan will be. Excuse Dadson. Yeah. Emily Stevens? Here. You have a quorum. Okay, we have a quorum. Comments by the general public. We'll open up the uh meeting for public comment. Is anyone on the line? Anyone in the room? Seeing here and hearing none, we'll close the public comment period. Approval of the agenda. Move approval. We have a motion. Second. Have a second. All in favor, please say aye. Aye. All right. Aye. Aye. Any opposed? Motion carries. Okay. Approval minutes from the regular meeting. Held last month. Have a motion, please. Or is there any comments?

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