0:00Merrill you want to run it?
0:03You want me to I can't be here, all right?
0:07Well let's move call meeting to order.
0:10Uh is that men into the commission meeting of July or uh Thursday, May 7th.
0:21I need the right agenda.
0:23I don't have the right agenda.
0:35Here Commissioner Becker here.
0:39Councilman Churchill.
0:42Here councilwoman Fielding.
0:48Councilwoman Jergenson.
0:51Here councilwoman Kelly.
1:14Okay, we have a quorum.
1:17Comments by the general public.
1:18We'll open up the uh meeting for public comment.
1:22Is anyone on the line?
1:26Seeing here and hearing none, we'll close the public comment period.
1:30Approval of the agenda.
1:37All in favor, please say aye.
1:46Approval minutes from the regular meeting.
1:51Have a motion, please.
1:53Or is there any comments?
1:55There are none on move approval.
2:06We have a motion and a second.
2:09All in favor, please.
2:18Minutes have been approved from last uh meeting.
2:22Approve adopt authorized chair to sign the resolution concerning the proposed proposal to issue Las Vegas Valley Water District General Obligation Bonds.
2:33Turn the time over to W E.
2:39Thank you thank you very much.
2:42Joining me is Paul Johnson.
2:44Paul Johnson is the CFO for both Las Vegas Valley Water District and Southern Nevada Water Authority.
2:52In order to uh to move through the two items today, because they're both Las Vegas Valley Water District.
3:00If it meets with your approval, I can give a summary of both at the same time, and then you can vote on them individually.
3:10So I'll give an a little bit of an overview.
3:12Both of these issuances would be issued through Las Vegas Valley Water District.
3:18Both are new money issuances, so we're not dealing with refundings today.
3:22We're dealing with new money for capital projects.
3:25The first one, the 93 million dollar issuance, the 2026 Cs.
3:32That's for Las Vegas Valley Water District Capital Improvements.
3:37The second one is SMWA, but issued through Las Vegas Valley Water District, and that one is for capital projects for the Southern Nevada Water Authority.
3:48So both issuances are through the Las Vegas Valley Water District.
3:53And the second one has a par amount of 515 million.
3:58So we're dealing with 93 million for Las Vegas Valley Water District and 515 million for the Southern Nevada Water Authority.
4:06Again, both new money issuances for capital projects.
4:11Both are 30-year terms.
4:30Both would be double A plus rated.
4:35And into the interest rates and the packages that you're looking at today.
4:53And we haven't quite figured out how to forecast the market accurately with regard to interest rates that far into the future, where would none of us would be here at this moment.
5:04Um so we always do build that cushion in.
5:07Uh in both cases, uh, and in the first package, I would invite you to look at page seven, or excuse me, page eight.
5:23Um the bottom line of the numbers that you see indicates the projected coverage, and so uh in 25 you can see that the coverage is 9.5 times.
5:35If you turn the page, this is uh projected into the future, and you see that the coverage remains uh in the eight to eleven ish range.
5:45Uh that is uh significant amounts of coverage over the requirements to pay the boss.
5:51If you look at the second package, which page that's on coverage page nine, page nine, thank you, Paul.
6:08And you can see that the coverage is still uh an enviable uh six times coverage, is what we're showing.
6:18So the one thing about uh Las Vegas Valley Water District and the reason why it comes to the debt management commission, uh the Las Vegas Valley Water District has a covenant to raise their rates sufficient to pay the debt service.
6:33Uh the raising of the rates could occur at any time over the course of the year if need should arise to do that, and we don't anticipate that to be the case, but the the first line of protection is raising water rates commensurate with the need to pay the debt service.
6:50If for some reason, and I have a difficult time hypothesizing what this reason would be, uh, if the rates as so adjusted were insufficient to pay the debt, then there would be a general obligation requirement, which again is why we're here.
7:06Um, and that would require the raising of property tax to meet any unfulfilled obligation.
7:11Now, the interesting thing to me about that, um it's always been interesting to me as well.
7:16You could deal with the water rates over the course of a year at the Vegas Valley Water District or Southern Nevada Water Authority boards.
7:24Uh you can only deal with property taxes once a year when you extend the role in June.
7:29Um so the timing has always been a bit peculiar on that, but we've obviously never had to go to uh the general obligation to make payment on any of these bonds.
7:40Um and I with the coverage that you see obviously can't foresee that being the case.
7:46And in the coverage or in the coverage numbers that we're seeing, we've included the prospective debt that we're talking about today.
7:55So that's covered, assuming that these issuances are made.
8:00So with that, uh I could go into a lot of detail, but uh with that, uh happy to take any questions that you might have about either of the proposed issuances.
8:17I have probably pretty basic questions.
8:19Yeah, I have one question with you, Monikeme.
8:25Yeah, um 515 million dollar um debt proposal.
8:30If this is just for my reference, but on the horizon lateral uh that thing proposed, is that going to be the backup of the redundancy for the three road parkway lateral?
8:47Yeah, I think um we should have answered that.
8:50You want to probably heard that, but yes, the answer was yes, the two of us are real excited about it.
8:55Very much so we call thank you in B a few years ago.
9:02So it's uh it uh it's great that you have come to live.
9:05Here we are, especially with the southern route.
9:10Yeah, one to work going the other way.
9:14Uh any other questions, so it's on the phone or on the zoom.
9:21Uh I have very basic question, probably uh shows my uh misunderstanding to this.
9:28Why is Vegas pay or uh excuse me, Las Vegas Valley?
9:31Um Southern Nevada Water Authority issuing through Las Vegas Valley Water District.
9:38Well, it's through a master bond repayment agreement, uh bond repayment agreement, um, and having to do with the fact that the Las Vegas Valley Water District is the local government, and it is the issuing authority, and then Southern Nevada Water Authority pledges revenue to say to secure those bonds.
10:01Yeah, it's always it's been the conduit for SNWA and SNWA hasn't issued under its own name.
10:07It issues through Las Vegas Valley Water.
10:13Any other questions?
10:16If none, I'll begin by moving for approval of item three.
10:20We have a motion on item three.
10:21Do we have a second?
10:25So if you're on the cement.
10:28We have a motion and a second on item three.
10:31All in favor, please go state.
10:42That uh motion carries.
10:46Well, we've already received a presentation, so I'm prepared to move for approval.
10:51Commissioner Knaff makes approval on item four.
10:58We have a motion and a second on item four.
11:02All in favor, please.
11:16That motion carries unanimously as well.
11:21Thank you for the presentation.
11:25We uh now couple uh comment from the general public.
11:29Any on Zoom, on the phone, or in person.
11:34Seeing our hearing none, we'll close the public comment period, and this meeting is served.
11:40Thank you, everyone.
11:41Thank you all very much.
11:45Do as well, you guys.
11:46Thanks for joining us.
11:49You have my minutes here right now.
